The House Republican caucus also pledged to support a “meaningful tax cut” in its majority plan, which was released January 9.
J.D. Mesnard /Photo by Katie Campbell/Arizona Capitol Times
By Julia Shumway | Arizona Capitol Times
A Republican state senator, frustrated in his attempts to cut income taxes last year, plans to unveil a tax act that would cost the state nearly $400 million over the next three fiscal years.
Sen. J.D. Mesnard, R-Chandler, intends to introduce legislation next week to cut property taxes, repeal the state’s $32 highway safety fee six months ahead of schedule and give tax breaks to businesses. A copy of the plan that he shared with the Arizona Capitol Times estimates it will cost the state $168.4 million during the fiscal year that begins July 1, $100.6 million in the next fiscal year and $132.5 million in fiscal 2023.
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Mesnard said he and others in the GOP majority are eager to return money to taxpayers because state revenues are much higher than expected. General fund revenue so far in fiscal 2020 is $325 million above where it was at this point in fiscal 2019, and $293 million above budget forecasts, according to the Joint Legislative Budget Committee’s December monthly fiscal highlights.
“When you’re seeing the kind of money we have going in, you’re either going to go on a serious spending spree or you can invest and give a reasonable relief to taxpayers,” Mesnard said.
