Entrepreneurs filing an LLC in Arizona could benefit from corporate tax cuts
Entrepreneurs who are interested in starting a corporation might be able to benefit from the lower business taxes that Republican legislative leaders are lobbying for in Arizona.
The Arizona Tax Research Association recently held a forum for business leaders and lobbyists where state Senate majority whip Steve Pierce called for a decrease in business property taxes from 21 percent to 18 percent in order to encourage new business in Arizona, the East Valley Tribune reports. The senator also wants to reduce the corporate income tax rate from almost 7 percent to 5 percent.
“These are unmistakable steps towards making us a business-friendly state instead of where we are right now, which is a reputation of being business unfriendly,” Pierce told forum attendees.
Pierce and incoming House majority leader Andy Tobin have said they are crafting a plan which would minimize any reduction to state revenue.
However, politicians calling for tax reform have acknowledged that some of the financial burden will be shifted onto individuals. Bloomberg reports that Arizona House Republicans presented a package which included many of these business tax rate cuts earlier this year, but concerns raised by Arizona Governor Jan Brewer killed the legislation.