By Howard Fischer | Capitol Media Services/Arizona Capitol Times
Corporate tax cuts enacted during the Great Recession amid promises they would stimulate business growth are actually going to leave the state with $350 million less by the time they’re fully implemented.
Legislative budget staffers said Arizona collected $663 million last year in corporate income taxes. And had the tax laws stayed the same, even with economic changes, the state would still bring in $644 million by the 2019 budget year.
But members of the state’s Finance Advisory Committee figures that cuts in the tax rate approved in 2011, coupled with a provision that allows some multi-state corporations to choose an alternate method of computing what they owe, means actual collections that year will be less than $300 million.
