Ariz. lawmakers consider proposals for tax cuts
Web Producer: Ina Ronquillo
PHOENIX (AP) - Votes on legislation for new business and individual tax cuts await votes are being considered by Arizona legislators as they try to end their annual session.
The centerpiece of a package that was the focus of months of negotiations between Republican legislators, business lobbyists and Gov. Jan Brewer's office is a phased-in 24 percent reduction in the state individual income tax on capital gains.
Capital gains are profits on investments, and supporters say the proposal should spur economic development. The three-year capital gains reduction would begin in 2014 and total an estimated $56.5 million by 2016.
That bill also contains small tax breaks for corporations.
A companion bill would provide a state sales tax subsidy for local governments building sewers and other infrastructure for new manufacturing plants.
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