Quantcast
Home / legislature / Lawmaker seeks new way for big firms to use tax credits

Lawmaker seeks new way for big firms to use tax credits

House-of-representatives-620

An Arizona House panel has advanced a proposal allowing big manufacturing companies like chip-maker Intel to use millions of dollars of existing tax credits they can’t currently cash in.

The proposal from Rep. Jeff Weninger was approved on a 5-4 vote Wednesday despite concerns about its cost of at least $20 million a year.

The bill allows companies to get cash refunds or sales tax offsets when they build new facilities. The Chandler Republican says it’s needed to boost the state’s competitiveness.

House Bill 2492 contains other major incentives for manufacturers like Intel, Raytheon, Honeywell and Boeing. One returns half the income tax withholding from new workers, another creates a new sales tax exemption for some supplies, and a third lowers property taxes on new equipment in special trade zones.

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 This material may not be published, broadcast, rewritten, or redistributed.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Your email address will not be published.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

Judges office

4 Superior Court judges among 5 nominees for appointments

A state commission has nominated four Superior Court judges and another attorney for appointments to fill two vacancies on the Arizona Court of Appeals.