Ducey signs income tax bill that cuts business taxes by $31M

April 11, 2015 10:14 AM

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A bill designed to align the state's income tax code with federal tax law that will cut state revenue by $31 million has been signed by Gov. Doug Ducey.

Senate Bill 1188 includes a provision allowing individuals and businesses to expense up to $500,000 in investments instead of the normal $25,000. The Legislature's budget committee estimates it will cut $31 million in revenue.

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