Posted: May 3, 2012 2:31 PM
PHOENIX (AP) - Legislation for new business and individual tax cuts is 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 25 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 reach an estimated $56.5 million in annual lost revenue and taxpayer savings 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.
Click here to submit a news tip to us!
Become a Facebook Fan!
Help those in need this holiday season
Win! Win! Win!
Wise Local Marketing!
Get news, weather and more on your smartphone and tablet!
Get texts for news, traffic, deals and more!
Sign up on KVOA.com for newsletters, exclusive deals, and more!
What's happening on News 4 @ 4
Stories and videos with Kristi's Kids
Check out the latest events FC Tucson has scheduled.
Let us help grow your business
Digital Channel 4.2
What's on KVOA and when!
Contact info for our department heads
KVOA's on air personalities!
Work at News 4 Tucson
Complete feeds of all KVOA.com stories
FCC Public File of Records, Reports, and More