House approves business, self-employed tax cuts - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

House approves business, self-employed tax cuts

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Rep. Tom Forese (R - Dist. 17) Rep. Tom Forese (R - Dist. 17)

By BOB CHRSITIE
Associated Press

PHOENIX (AP) -- A sharply divided Arizona House has given final approval to a bill lowering the property tax rate assessed new construction and on fixtures and other so-called "personal property" businesses own if they expand and add jobs.
 
The bill also gives the self-employed a 2 percent tax deduction on their first $114,000 in earnings. 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 self-employment tax cut is intended to offset 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.

Copyright 2013 The Associated Press modified.

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