Arizona House Republicans move to cut corporate tax rates
Arizona Republican lawmakers are moving to cut income tax for corporations in the state. Those rates are proposed to be cut nearly in half, potentially cutting state revenue by nearly $670 million a year.
Democrats on the two committees that passed HB 2003 all opposed it. The House Minority Leader Andrés Cano says “there are better places [to] invest more than half a billion dollars than on corporate welfare.”
“We could give our teachers a $10,000 raise, taking them from 44th in the nation to 19th. We could send relief to Arizona renters and homeowners by quadrupling the state’s current investment in the housing trust fund," Cano said.
But Republicans dispute the claims that revenue would be lost. They point out that since corporations have more flexibility in how and when they compute and pay their taxes, calculating potential revenue loss is difficult.