PHOENIX (AP) — A new report says a legislative proposal for phased-in general tax cuts and business tax breaks for creating jobs would cost the state $942 million in lost revenue once fully implemented seven years from now.
That amount is about 11 percent of the current state budget.
The nonpartisan legislative budget staff on Friday released a review of expected fiscal impacts of the bill recently approved by the House and now pending in the state Senate.
Republican supporters say the legislation would create more high-paying jobs by encouraging business relocations and expansions. Democratic critics say the bill amounts to a corporate bailout.