S.B.1403, which would provide tax breaks to new factories that manufacture renewable energy equipment, has been approved by a vote of 12-6 by an Arizona State Senate committee.
The Arizona Republic reports that the structure of the tax incentives was modeled after those in nearby states that have hosted similar manufacturing plants. Arizona's legislation would offer factories a 10% income tax credit on capital investments, as well as a possible 80% property tax reduction if the company meets employee wage and benefit criteria.
The bill will be voted in the Arizona House and Senate.
SOURCE: Arizona Republic