By Luige del Puerto | Arizona Capitol Times
The state is starting to feel the pinch as corporate income tax revenues tumble down, which budget analysts say is the result of tax cuts being phased in.
The tax cuts were enacted in the middle of the last recession and were meant to better position the state as a business hub once economic recovery starts.
State revenues dipped in December when compared to the year before. Analysts say the culprit is a dramatic decline in corporate income taxes, which dropped by 45.8 percent. They also came in at $30.1 million below budget expectations.
Related: The Curious Case of Disappearing Corporate Taxes/Governing
