Arizona – AZ House panel OKs new way for big firms to use tax credits

SFGATE

Bob Christie, Associated Press Updated 2:22 pm, Wednesday, February 15, 2017


PHOENIX (AP) — An Arizona House panel on Wednesday advanced a proposal allowing big manufacturing companies like chip-maker Intel to use millions of dollars of existing tax credits they can’t currently cash in, despite concerns about the cost.

The bill allows companies to use their current tax credits to get cash refunds or sales tax offsets when they build new facilities. Many companies can’t currently use the credits because previous tax breaks leave them owing no corporate income tax.

The sponsor, Republican Rep. Jeff Weninger, of Chandler, said his proposal is needed to boost the state’s competitiveness.

“Arizona is in a world-wide competition for these manufacturing jobs,” Weninger told the House Ways and Means Committee. “I think that this bill does a great job of putting us on a path of being on the top of the list for other manufacturers, who maybe don’t have this kind of presence right now, to come to Arizona.


For further information:

http://www.sfgate.com/news/article/Lawmakers-seeks-new-way-for-big-firms-to-use-tax-10935057.php