Interest rates have been kept low due to a struggling economy, but many want to see rates raised to encourage business investment. Ken Teegardin / Flickr
The Arizona Chamber of Commerce has expressed concern about the impact House Bill 2422 will have on the local economy.
The bill will permit the Department of Revenue publish a report each year that identifies the Arizona companies that claim a tax credit of over $5,000, according to the chamber.
The chamber said such a move would hinder the investments made in the state.
“If your claiming a tax credit were to land your name in the headlines with a full rundown of your tax return, you might think twice before filing that 1040," Glenn Hamer, president and CEO of the chamber, wrote in a post on the chamber's website. "For the same reason, employers might think twice about investing here if their use of a completely legitimate tax strategy resulted in the production of a Department of Revenue report singling them out."
He also wrote that the information would be redundant because the Arizona Commerce Authority already puts out a report each year that looks at the economic development tools available in the state and lists who is using them.
“The fact that the ACA already publishes an annual report chock full of information about tax credit programs begs the question as to why we need to get the Revenue Department in on the act of reporting on corporate taxpayers’ use of tax credits, too,” Hamer wrote. “Companies eyeing Arizona shouldn’t be used as a pawn in a debate over whether certain tax credit programs ought to exist.
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