Arizona lawmakers apparently want to help you succeed.
On a party-line vote, the Senate on Tuesday voted to exempt new businesses from having to pay any state income taxes at all in their first year of operation. That tax break would taper off to 50% in the second year and 25% in the third, by which point it should be clear whether a company will make it or not.
Senate Bill 1559 is the brainchild of Sen. Steve Kaiser, R-Phoenix, who told colleagues of his own experience trying to start a business — he has since sold it — and the problems in arranging financing. What this is designed to do, he said, is provide a bit of fiscal breathing room.
