State Republican lawmakers voted to cut taxes nearly in half for corporations doing business in Arizona.
The bill, passed by the House on a party-line vote, would drop the corporate tax rate to 2.5% in 2026.
While supporters said it would stimulate job growth, House Minority leader Andrés Cano disagreed.
"You can point a narrative in the direction of supporting jobs, supporting business. But if we want to invest in all of those things that are supercritical for our economy, Mr. chairman, this bill will actually hamper our ability to do that," Cano said.
If fully implemented, the bill would cut nearly $700 million from state revenue.
