Lawmakers Pass Tax Credits As Session Ends

Date: May 16, 2017

Related Content: Analysis State Arizona Economy

 

As Arizona’s first regular session of the Fifty-third legislature concluded last Wednesday, lawmakers tackled some last minute proposals for tax credits. According to U.S. News, legislators attempted to tackle four proposals before adjournment.

Lawmakers voted for Rep. Frank Pratt’s Senate Bill 1416 to extend a job-creation tax credit that’s set to expire this year.

They also passed House Bill 2191 boosting an existing program for angel investors backing small business to benefit from tax credits by $10 million.

I do believe that this has generated not only additional dollars but it also enhanced any money that would have been invested to begin with,” HB 2191’s sponsor Sen. Karen Fann said according to U.S. News.

Senate Bill 1292 sponsored by Sen. David Farnsworth also sits on Governor Ducey’s desk. If signed into law, the bill would increase eligibility for job-creation funds for very small businesses.

According to Arizona’s constitution, the governor has until May 22 or 10 days (not including Sundays) after close of session to decide whether to sign or veto legislation. Though occurring rarely, if he does neither, the legislation becomes law without his signature.

 

Related Content: Analysis | State | Arizona | Economy

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