Grand Canyon Times

Senate Bill 1069 proposes a significant change to Arizona's business property tax exemption. If passed, the bill will increase the exemption threshold to $500,000 starting next year. This legislative move has prompted the National Federation of Independent Business (NFIB) to issue an Action Alert to its members in Arizona, providing them with a simple way to express their views on what has been characterized as a "tax on honesty."

The bill's passage would mean that businesses with personal property valued at $500,000 or less would be exempt from tax reporting and payment requirements. This change is expected to save businesses both time and money, while also minimizing the risk of audits. The proposed increase is anticipated to alleviate burdensome record-keeping and compliance expenses, enabling businesses to channel resources into growth, job creation, and employee benefits.

Small businesses often face a situation where the costs associated with accounting exceed the taxes owed, underscoring the perception of this tax as a financial burden. This tax reform is viewed as a measure that will provide relief to businesses regardless of the economic climate.

NFIB urges its members to use the provided link to contact their representatives, advocating for the support of SB1069. For those not affiliated with NFIB, the message implies that membership is an option for joining the advocacy efforts.

"Not an NFIB member? Click here to join," reads the alert, encouraging broader participation in the legislative process.