Arizona have taken matters into their own hands with new state business tax break legislation that will create new jobs.
BusinessWeek.com reports that the bill includes reductions in property, business equipment and corporate income taxes. Supporting officials hope these new incentives will give business formation in the area a needed boost.
House speaker Kirk Adams, the bill’s primary sponsor, told the source the state “fundamentally must become more business-friendly, more competitive for capital investment.”
Advocates of the new tax cuts hope that the bill will attract business expansions and relocations, ultimately creating new jobs for state residents. The legislation will be implemented by mid-2011.
The bill is estimated to save businesses $270 million in the first three years, and this amount may grow to as much as $647.8 million tax savings a year beginning in 2017.
Entrepreneurs interested in capitalizing on these tax cuts should consider business incorporation in Arizona. Additionally, companies across the nation looking to expand might consider applying for foreign qualification in the state.