$8 million tax cut for business passes House

Screen Shot 2016-05-03 at 2.03.51 PMBy Alia Beard Rau and Mary Jo Pitzl | The Republic

Gov. Doug Ducey’s promised income-tax cut won House approval Tuesday morning, leading off debate and votes on the state budget.

The proposal allows businesses to more quickly depreciate the deduction they can take for purchases of new equipment. It is estimated to cost $8 million next year, doubling to $16 million in fiscal 2018. The income-tax cut passed with unanimous House Republican support, while Democrats united against it.

The votes came as legislative leaders ended a weeklong stalemate over education funding. The compromise holds schools harmless for the coming year, delaying policy changes that would have led to cuts for numerous school districts with declining enrollment, among other measures.

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