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Arizona House approves new business tax credits

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Associated Press

PHOENIX (AP) - The Arizona House has given final approval to a bill granting new tax breaks of $50 million over three years for insurance companies that invest in high technology companies.

Monday's 44-15 vote sends the bill to the Senate.

A second tax credit bill that had been set for its initial approval was pulled from consideration. That bill will lower the property tax rate assessed on fixtures and other so-called "personal" property for businesses that expand and add jobs. It also gives a new tax break for the self-employed. The value of the business tax break isn't known, but the self-employed reduction is valued at $58 million a year.

The bills being pushed by House Speaker Andy Tobin build on previous Republican efforts to make Arizona's tax climate more business friendly.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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