blogs with jobs

A new bill would focus on creating more Arizona jobs.

The recently-proposed Arizona Economic and Job Recovery Bill - expected to be introduced in the state Legislature soon - is designed to create a more business-friendly climate and help stimulate job creation throughout Arizona.

According to an article by The Arizona Republic, the bill is broken down into four main provisions, including:

1. Job creation and training programs - This would encourage new and existing base industry companies to create high-paying jobs in Arizona. Base industries include those in high wage sectors, such as manufacturing, research and development and high-tech.
   

   One effort under this provision would provide tax rebates to companies that have payrolls of at least $2 million, equaling about 50 employees. Those would not be funded upfront, but companies would receive a rebate of a proportion of employer withholding taxes once the jobs are created.

   Industries also would be offered job-training assistance, which would be funded from a percentage of tax-withholding revenue.

2. Incentives to attract major industries - This would work to increase incentives and help Arizona better compete against other states to attract new high-paying companies. The creation of an Arizona Deal Closing Fund would be used to offer whatever incentives it takes to get a company in the state.

   About 20 other states have similar programs. Incentives could be launched with federal stimulus funds and supported by a percentage of tax-withholding revenue from newly-created jobs.

3. Business tax relief - This would be used to lower business income and property taxes to entice new employers and help existing businesses grow. The state could reduce corporate income tax, business property taxes, repeal state equalization tax and cut small-business income taxes.

   Tax reductions would take place from 2012 through 2016. Officials predict the growth of new businesses would eventually erase any revenue shortfall, although homeowners may see an increase in property taxes in order to compensate.

4. Economic development - This would create a consistent strategy to continue bringing good jobs to Arizona. The state would modify the existing Arizona Enterprise Zone Program to include base industries; consider commissioning a state economic development strategy; and revamp its economic development agency.

This entry was posted on Wednesday, January 6th, 2010 at 4:02 pm and is filed under Arizona, job search. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.