A Republican lawmaker has new proposal to cut taxes on manufacturing firms after his legislative bid to give computer chip maker Intel new ways to use millions of dollars in unused tax credits failed.
Rep. Jeff Weninger’s new proposal extends a job-creation tax credit available to any company and gives Intel and other manufacturers who already pay an ultra-low property tax rate on new equipment super-fast depreciation.
That will substantially lower equipment property taxes in certain manufacturing zones and especially affect Intel, which plans to equip a new Chandler chip plant with billions of dollars of new equipment.
Out are proposals letting companies cash in tax credits and other provisions.
The House Ways and Means Committee approved Senate Bill 1416 on an 8-1 vote Wednesday