Vote Smart's Synopsis:

Vote to pass a bill that amends various statutes related to commerce authority and business incentives, including, but not limited to, the establishment of the Arizona Commerce Authority and a reduction in corporate income and property taxes.

Highlights:

• Establishes the Arizona Commerce Authority, comprised of state officials as well as private sector business leaders, to assume the former responsibilities of the Department of Commerce, including, but not limited to, creation of high quality employment and attraction and retention of business (Sec. 30).

• Reduces the taxable value of commercial property by increasing the percentage of depreciation value used in tax assessment by 5 percent (Sec. 83).

• Reduces the income tax rate for corporations from 7 percent of income to 4.9 percent of income, phased in from December 31, 2013, to December 31, 2016 (Sec. 105).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends various statutes related to commerce authority and business incentives, including, but not limited to, the establishment of the Arizona Commerce Authority and a reduction in corporate income and property taxes.

Highlights:

• Establishes the Arizona Commerce Authority, comprised of state officials as well as private sector business leaders, to assume the former responsibilities of the Department of Commerce, including, but not limited to, creation of high quality employment and attraction and retention of business (Sec. 30).

• Reduces the taxable value of commercial property by increasing the percentage of depreciation value used in tax assessment by 5 percent (Sec. 83).

• Reduces the income tax rate for corporations from 7 percent of income to 4.9 percent of income, phased in from December 31, 2013, to December 31, 2016 (Sec. 105).

Full Bill Text