Quantcast
Home / Home news / Arizona House OK’s expanded R&D tax credits

Arizona House OK’s expanded R&D tax credits

House Speaker Andy Tobin (Photo by Evan Wyloge/Arizona Capitol Times)

The Arizona House of Representatives has approved a proposal by Speaker Andy Tobin that increases a tax credit given to businesses that invest in research and development by 200 percent.

The bill is just one of several tax credit or other reductions Tobin and fellow Republicans have either introduced or are planning this legislative session to boost businesses.

They come even as Arizona is about to lose $1 billion in yearly revenue when a temporary sales tax expires in June and business tax changes that will cut about $567 million in revenue within five years.

The bill that passed Monday on a 46-14 vote now goes to the Senate. It increases credits the Arizona Commerce Authority can grant from $5 million a year to $15 million a year by 2015.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

 

x

Check Also

FILE - In this Jan. 28, 2014, file photo, former Arizona Congresswoman Gabrielle Giffords pumps her fist as she testifies before a Washington state House panel in Olympia, Wash. Giffords will begin a nine-state tour in Maine on Tuesday, Oct. 14, 2014, where she will advocate for tougher gun laws that she says will help protect women and families. Giffords, who was severely wounded by a gunman in 2011, will seek to elevate the issue of gun violence against women and push for state and federal action to make it more difficult for domestic abusers to get a hold of firearms. (AP Photo/Elaine Thompson, File)

State lawmakers propose funding for Tucson shooting memorial

Three Arizona lawmakers from Tucson have introduced legislation that would provide state funding for the memorial commemorating the victims and the survivors of a mass shooting that targeted former U.S. Rep. Gabby Giffords.