Governor thanked for signing bill lowering the business personal property tax
PHOENIX, March 31, 2022—Today’s release of the National Federation of Independent Business’ monthly Jobs Report on small businesses still shows labor quality and inflation continuing to dog Main Street enterprises across the nation, but the Arizona state director for NFIB said conditions for remaining solvent and open for businesses in Arizona are a lot better thanks to actions taken by the Legislature and Gov. Doug Ducey.
“Our Jobs Report is a national snapshot, so it does not consider the current pro-small-business policy deliberations here in Arizona,” said Chad Heinrich, NFIB’s Arizona state director. “Governor Ducey’s signing of House Bill 2822 into law, yesterday, simplifying and reducing the Business Personal Property Tax, will be a nice shot in the arm for small businesses that are making capital purchases this year and for years to come. This policy change may prove to be the biggest driver of increased small business capital investment decisions this legislative session. Arizona’s small business owners applaud Representative Jeff Weninger for his sponsorship of the bill. Add to that a recent court ruling declaring Proposition 208 unconstitutional, and small businesses in Arizona can breathe a sigh of relief their counterparts in other states can’t. I’d also like to point out two huge benefits signed into law last year, allowing for a SALT-cap workaround and an alternative small-business income tax, just in time for this year’s Tax Day.”
Highlights from Today’s Jobs Report
- Small businesses reporting labor costs as the top business problem are at 48-year record high levels.
- A net 49% (seasonally adjusted) of owners reported raising compensation, up four points from February. A net 28% plan to raise compensation in the next three months, up two points from February.
- Seasonally adjusted, 47% of all small business owners reported job openings they could not fill in the current period, down one point from February. Thirty-nine percent of owners have openings for skilled workers and 23% have openings for unskilled workers.
- Sixty-two percent of construction firms reported few or no qualified applicants, one of the tightest domestic labor markets in recent history.
From NFIB Chief Economist Bill Dunkelberg
“The labor shortage has not eased on Main Street as the number of job openings exceeds the number of unemployed workers. Owners have continued to increase their compensation in March to attract the right employees for their open positions, however, these rising labor costs will be passed on to their consumers through higher selling prices.”
Keep up with the latest on Arizona small business news at www.nfib.com/arizona or by following NFIB on Twitter @NFIB_AZ
For 78 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.