The Arizona House of Representatives on Monday sent a powerful message of support to the small-business community with a 51-0 vote, passing SCR 1012. The resolution increases the amount of business personal property exempt from property taxes.
SCR 1012 is now expected to be on the November ballot. Small businesses are already rallying around the resolution as a way to kick start job growth.
Senate Majority Leader Andy Biggs is the sponsor of the resolution. He calls it a great way for the state’s businesses to generate commercial activity.
“Increasing property tax exemptions incentivizes new businesses to be created and for existing businesses to expand and to invest in new equipment. Purchasing new equipment not only spurs economic growth, but it also creates the need for more employees to operate machinery”, says Senator Biggs.
“SCR 1012 is a winner for everyone. Businesses are able to invest in new machinery without the fear of higher taxes. Jobs are created to manufacture the equipment. This is truly a job-creating initiative. As Arizona continues to rebound from the recession it is important to create a financial climate that encourages investment,” says Senator Biggs.