Senate Bill 1001 Benefits Businesses

Senate Bill 1001 Benefits Businesses

Senate Bill 1001 Benefits Businesses

Governor Jan Brewer and lawmakers announced a package of tax cuts and various incentives that they feel will help bring about a wave of economic prosperity for Arizona. The emphasis in this package is less on housing growth and more on high-paying, skilled jobs by providing tax breaks and incentives for small and large businesses.

Called Senate Bill 1001, the legislative budget office estimated that it would cost $538 million by 2018 when all of the tax cuts are phased in. While there are no guarantees that these developments will create a sudden boom of economic activity, the moves are necessary to help boost Arizona's economy.

The bill carries with it some promising proposals, namely lower tax rates to attract new business investments to make up for lost revenue. This would create a more positive business environment for entrepreneurs and business owners, encouraging more people to make the move into the state, providing both jobs and revenue.

The changes to business personal property tax encourages the development of new investment next year. As an example of some of the benefits of the bill, small businesses will be able to write off equipment purchases faster, allowing them the ability to buy more than previous years. This will hopefully make steps towards stimulating Arizona's recovering economy.

What's more, the equipment-depreciation schedule would be accelerated and assessment rates would be reduced, giving businesses an instant edge. For Phoenix offices, this bill makes owning and leasing a business more advantageous, particularly since it creates a more workable business climate. Cities like Phoenix and Tempe have been praised for their business owner-friendly environment, but tax incentives like the ones outlined in the bill makes owning Phoenix offices even more look even more advantageous and encourages the growth of big and small businesses alike.

Are you interested in learning more about how you can benefit from Phoenix offices? Contact a representative at a trusted commercial real estate office today. Work with a team of qualified business professionals are fully aware of the ins and outs of the office space industry and can help you find a property that will work for you.

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