PHOENIX (AP) — A Republican lawmaker who saw his proposal giving computer chip maker Intel a new way to use millions of dollars in unused tax credits rejected by the full House has a new proposal to cut taxes on manufacturing firms.
Rep. Jeff Weninger's new proposal extends a job-creation tax credit available to any company and gives Intel and other manufacturers who already pay an ultra-low property tax rate on new equipment super-fast depreciation.
That will substantially cut the property tax cut and especially affect Intel, which plans to equip a new Chandler chip plant with billions of dollars of new equipment.
Out are proposals letting companies cash in tax credits and other provisions.
The House Ways and Means Committee approved Senate Bill 1416 on an 8-1 vote Wednesday.