Arizona voters will decide in November whether to give businesses a break on property tax paid on newly acquired business equipment.
Unanimous House approval of a resolution on Monday completes legislative action on the general election referendum on the proposed state constitutional amendment.
Under the legislation, the current exemption of roughly $68,000 would increase to approximately $2.4 million.
Legislative budget analysts estimate the bigger exemption for property acquired starting in 2013 would cost the state about $8.2 million in lost general fund revenue, while there would be what the analysts call a “minimal impact” on local governments.
Supporters say the bigger exemption would encourage investment by small businesses.
Also Monday, a 41-10 House vote approved a separate ballot measure to cap growth of locally assessed property values.
