The National Federation of Independent Business (NFIB) is encouraging Arizona state lawmakers to support a pair of measures the organization maintains would provide job creator property tax relief.
NFIB State Director Chad Heinrich recently delivered testimony before the Arizona Senate Finance Committee regarding SB 1276 and SB 1263, offering insight into how tax relief would improve Arizona’s job creator business climate.
“Small businesses continue to shoulder an inequitable share of the property tax burden, all while battling 40-year high inflation and a persistent worker shortage,” Heinrich said. “Over the past few years, the Legislature has made great strides to ensure our small businesses can thrive. These bills build on that momentum and strengthen Arizona’s economic recovery. We look forward to working with lawmakers on meaningful property tax relief and sending a final package to Governor Hobbs’ desk for signature.”
SB 1276 would accelerate the depreciation of business personal property acquired before 2022 and accelerate commercial property assessment ratio reductions.
With regard to SB 1263, proponents indicated the legislation would eliminate the business personal property tax.
In November, voters approved Proposition 130, amending the state constitution and providing the legislature the flexibility needed to address the issue.