Arizona Property Tax Break For Business Equipment Amendment, Proposition 116 (2012)

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Proposition 116
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Type:Constitutional amendment
Constitution:Arizona Constitution
Referred by:Arizona State Legislature
Topic:Taxes
Status:On the ballot
The Arizona Property Tax Break For Business Equipment Amendment, also known as Proposition 116, will be on the November 6, 2012 general election ballot in the state of Arizona as a legislatively-referred constitutional amendment. The measure would give businesses in the state a break on property taxes on newly acquired business equipment. The proposal was sent to the ballot during 2012 state legislative session.[1]

Text of the measure

Summary

The summary of the measure reads as follows:[2]

A Concurrent Resolution proposing an amendment to the Constitution of Arizona; Amending Article IX, Section 2, Constitution of Arizona; Relating to property tax exemptions.[3]

Support

  • The main campaign in favor of the measure is Vote Yes on 116.
  • The campaign states on their website, "When our small businesses invest in new equipment and machinery they also must hire new workers to operate those machines. The Small Business Job Creation Act rolls back Arizona’s heavy equipment and machinery tax that’s owed before any new workers are hired or any new production is realized. This burdensome equipment and machinery tax makes it much harder to attract new businesses to Arizona and discourages our home-grown small businesses from taking the risk of expanding and creating more jobs."
  • State Senator Steve Smith stated, "Prop. 116 will help create thousands of new jobs in Arizona by removing one of the heaviest drags on our small businesses by reducing the tax that they incur the moment they acquire new equipment and machinery and before they hire one worker or make any product to sell. Also, the new investment spurred by passage of Prop. 116 will be 100 percent financed by the private sector, precisely where it ought to be financed from."[4]

Opposition

According to reports, no opposing arguments were submitted to the Arizona Secretary of State's office.[5]

Path to the ballot

A majority vote is required in the Arizona State Legislature to send a constitutional amendment to the ballot. Arizona is one of ten states that allow a referred amendment to go on the ballot after a majority vote in one session of the state's legislature.

See also

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External links

References