Updated Feb 26, 2013 - 6:46 am
Arizona House OKs expanded R&D tax credits
PHOENIX -- The Arizona House of Representatives has approved a proposal by Speaker Andy Tobin that increases a tax credit given to businesses that invest in research and development by 200 percent.
The bill is just one of several tax credit or other reductions Tobin and fellow Republicans have either introduced or are planning this legislative session to boost businesses.
They come even as Arizona is about to lose $1 billion in yearly revenue when a temporary sales tax expires in June and business tax changes that will cut about $567 million in revenue within five years.
The bill that passed Monday on a 46-14 vote now goes to the Senate. It increases credits the Arizona Commerce Authority can grant from $5 million a year to $15 million a year by 2015.