Bill seeks big tax break for new Arizona business owners

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The Senate bill, which is headed to the House, would exempt new businesses from paying taxes in the first year and reduced taxes in years two and three.

Arizona lawmakers apparently want to help you succeed.

SB 1559 is the brainchild of Sen. Steve Kaiser, R-Phoenix, who told colleagues of his own experience trying to start a business — he has since sold it — and the problems in arranging financing. What this is designed to do, he said, is provide a bit of fiscal breathing room. People are also reading… "Of course we support small businesses," said Senate Minority Leader Mitzi Epstein, D-Tempe."Arizona businesses are so important to every part of our economy."

Anyway, Epstein said she believes that special carve-outs are not the best way to encourage economic development. Instead, she said, the state is better with low rates that apply to all.Kaiser, however, said his legislation simply recognizes the hardships of starting a business from scratch."We had some pretty heavy capital investment when it came to the dump trucks," he explained.

 

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