AZ Chamber Business News – Qualified Facilities Tax Credit Expansion Passed by Legislature, Signed into Law
Arizona Gov. Doug Ducey on Tuesday signed into law H.B. 2321, a bill to increase the current cap on the Qualified Facilities Tax Credit program from $70 million annually to $125 million annually.
The bill passed the state Legislature on Monday with broad, bipartisan support.
In testimony before the state Senate Appropriations Committee last week, the head of the Arizona Commerce Authority called for the expansion of the tax credit program that she says has been central to the state’s ability to attract employers and create jobs over the past decade.
Sandra Watson, the president and CEO of the ACA, told committee members that an amendment to H.B. 2321 would enhance the state’s competitiveness.
“Our goal is to ensure that we continue to increase Arizona’s [economic] momentum,” Watson said. “These changes to the Arizona qualified facilities program will help us do that.”