Governor, Legislature score big wins for business 2nd year in a row
Glenn Hamer, President & CEO, Arizona Chamber of Commerce and Industry (File photo)
If Yogi Berra were a political analyst, he might describe the May 3 passage of HB2815 as the second consecutive year that the Legislature passed a once-in-a-generation competitiveness package.
The work put in on this year’s package is a testament to the commitment of Gov. Jan Brewer, House Speaker Andy Tobin and Senate President Steve Pierce to make Arizona the absolute best place to grow a thriving business.
The centerpiece of the bill was a landmark cut in the capital gains tax. Before passage of HB 2815, Arizona taxed capital gains like regular income. But thanks to the Legislature, we will phase in reductions of 10 percent, then 20 percent and finally 25 percent in the tax on capital gains, resulting in a 3.4 percent effective tax rate on capital gains.
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