Arizona – generally known for the Grand Canyon and deserts – may soon be known as one of the most business-friendly states in the nation.
State officials recently passed legislation that will lower business taxes in an effort to generate new jobs and encourage business expansions and relocation in the state.
BusinessWeek.com reports the bill will reduce property, business equipment and corporate income taxes. The legislation will be implemented by mid-2011.
Kirk Adams, the bill’s primary sponsor, says the measure is part of an effort to create a better business climate in Arizona. He told the source the state “fundamentally must become more business-friendly, more competitive for capital investment.”
Entrepreneurs may be interested in forming a company in Arizona or applying for foreign qualification in the state in light of these tax-savings. The bill will save businesses an estimated $270 million in its first three years. By 2017, it may save entrepreneurs as much as $647.8 million a year.
It seems that many state officials are trying to promote business incorporation in a recovering climate. Tennessee leaders recently announced a plan to increase venture capital funds for new companies in the area.
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