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House panel OKs 2 tax cut bills targeting business

An Arizona House committee has given initial approval to bills cutting taxes by millions of dollars for companies that expand or invest in new startups and also includes a 2 percent tax deduction for the self-employed valued at $58 million a year.

The first bill creates a tax credit for insurance companies that invest in a new high-tech fund overseen by the Arizona Commerce Authority. Republican House Speaker Andy Tobin’s bill gives insurers a credit against their premium taxes of up to $10 million in the budget year beginning July 1 and $20 million in the next two years.

The second bill that passed the Commerce Committee Wednesday lowers the property tax rate for businesses that expand and add jobs. The value of that tax break isn’t yet known.

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