Debate Begins on Business Property Tax Relief for Arizona Job Creators

February 6, 2023

NFIB urges lawmakers to support SB 1276 and SB 1263

Debate Begins on Business Property Tax Relief for Arizona Job Creators

PHOENIX (Feb. 6, 2023) – Small business owners are urging lawmakers to support SB 1276 and SB 1263 – two bills designed to provide meaningful property tax relief for job creators in Arizona. Following his testimony before the Senate Finance Committee in support of the measures, NFIB State Director Chad Heinrich described how tax relief would improve the business climate for Arizona job creators: “Small businesses continue to shoulder an inequitable share of the property tax burden, all while battling 40-year high inflation and a persistent worker shortage. Over the past few years, the Legislature has made great strides to ensure our small businesses can thrive. These bills build on that momentum and strengthen Arizona’s economic recovery. We look forward to working with lawmakers on meaningful property tax relief and sending a final package to Governor Hobbs’ desk for signature.” Background: SB 1276 would accelerate the depreciation on business personal property acquired before 2022. This bill also accelerates commercial property assessment ratio reductions. SB 1263 would eliminate the business personal property tax. In November, voters passed Proposition 130 to amend the state constitution and provide the legislature the flexibility it needs to address this issue.

Topics:

Uncategorized

State:

Arizona

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