Arizona celebrated its 100th Birthday last month. Amid the centennial festivities, the Arizona Legislature was hard at work debating nearly 1,400 bills and proposed changes to the state constitution. Similarly, the East Valley Chambers of Commerce Alliance (EVCCA) was working with lawmakers on issues that impact business.
Revenue Allocation Districts
From changes to the Rio Nuevo District in Tucson to the creation of Revenue Allocation Districts, several bills dealing with tax increment financing are at play in the legislative process. Of particular interest is HB 2649. The bill authorizes municipalities to establish districts to undertake projects for economic development, reducing the loss of commerce, or increasing employment.
The EVCCA has been working with State Representative Chester Crandall (R-Heber) on HCR 2005. The bill would place a question on the ballot asking voters to reauthorize ballot propositions every few years. The EVCCA believes ballots propositions should undergo reauthorization just as state agencies go through a sunset review process every ten years.
State Representative Karen Fann (R-Chino Valley) introduced HB 2519 which is supported by the EVCCA. The bill addresses fraud and abuse in the unemployment insurance system. Reducing abuse within the U.I. system will lower costs for employers. The EVCCA has been working to get it passed.
HB 2815 establishes an individual and corporate income tax credit for the creditable costs and expenses of “excessive regulation”. The credit is capped at $1,000 for individuals and $4,000 for corporations in tax years 2014 and 2015, and $2,000 for individuals and $8,000 in tax years 2016 and after. The bill also includes a capital gains tax phase-out and a net loss carry forward increase from five years to 20. The bill was introduced by East Valley State Representative J.D. Mesnard (R-Chandler).
Should you have questions about these or any other issues impacting business, please feel free to contact the East Valley Chambers of Commerce Alliance contract lobbyists (Tom Dorn, Eric Emmert and Heather Bernacki) at (602) 606-4667.