MORE DETAILS EMERGE ON BREWER'S JOBS PLAN

posted by Michael Chihak

Gov. Jan Brewer called the Arizona Legislature into special session this afternoon to take up her economic development package.

A news release from Brewer's office this afternoon gave these details on the business tax-cut package that is part of what she is calling "the Arizona Competitiveness Package," designed to stimulate job growth:

• The creation of a Quality Jobs Program, with corporate tax credits of up to $9,000 for each qualifying new job. ($3,000 per job, per year, with a 400-job cap)

• An increase in the electable state corporate income-tax sales factor to 100 percent, up from the current 80 percent. This will encourage firms to establish headquarters and manufacturing centers in Arizona.

• Re-authorization of the Arizona Job Training Program, providing job-specific, reimbursable grants to train employees for new careers.

• A four-year, phased-in reduction of the state’s corporate income tax to 4.9 percent, beginning in January 2014. This will give Arizona the nation’s fifth most competitive corporate income-tax rate.

• A 10 percent increase in the state’s Research & Development tax credit, encouraging further collaboration between Arizona’s research universities and the private sector.

• A 5 percent acceleration of the depreciation schedule for business personal property, spurring purchases of new equipment and other capital investments.