PHOENIX (AP) — An Arizona House panel has advanced a proposal allowing big manufacturing companies like chip-maker Intel to use millions of dollars of existing tax credits they can't currently cash in.
The proposal from Rep. Jeff Weninger was approved on a 5-4 vote Wednesday despite concerns about its cost of at least $20 million a year.
The bill allows companies to get cash refunds or sales tax offsets when they build new facilities. The Chandler Republican says it's needed to boost the state's competitiveness.
House Bill 2492 contains other major incentives for manufacturers like Intel, Raytheon, Honeywell and Boeing. One returns half the income tax withholding from new workers, another creates a new sales tax exemption for some supplies, and a third lowers property taxes on new equipment in special trade zones.