Quantcast
Home / legislature / AZ House approves new biz, self-employed tax cuts

AZ House approves new biz, self-employed tax cuts

A sharply divided Arizona House has given final approval to a bill lowering the property tax rate assessed on fixtures and other so-called “personal property” businesses own if they expand and add jobs.

The bill also gives the self-employed earning less than about $114,000 a 2 percent tax deduction. The value of the business tax break isn’t known, but the self-employed reduction is valued at $58 million a year.

Rep. Tom Forese says his tax cut for the self-employed is intended to make up to a 2 percent increase in Social Security withholding tax that went into effect Jan. 1. The increase happened when a temporary cut in withholding designed to stimulate the economy expired. Republicans call that a tax hike.

The 32-27 vote sends the bill to the Senate.

One comment

  1. We have to create business growth that will increase job creation.

Leave a Reply

Your email address will not be published.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

*

 

x

Check Also

Sen. John McCain, R-Arizona (Photo by Claire Caulfield/Cronkite News)

Arizona Senate moves to change rules for replacing McCain

The Republican-controlled Arizona Legislature is moving to ensure that ailing Sen. John McCain's seat isn't on the November ballot if he leaves office, but Democrats plan to block the effort.