Bill would make corporate tax credits public information

Business News | 19 Feb, 2014 | AZ Business Magazine

A House committee has approved a bill that would make some tax credits claimed by corporations public information.

House Bill 2586 would require the state Department of Revenue to submit an annual report detailing the names of companies who get corporate credits of $5,000 or more and to make that report public.

Republican bill sponsor Darin Mitchell of Litchfield Park says the bill would create transparency and allow policy makers to examine whether such tax credits are effective for economic development.

Arizona Tax Research Association president Kevin McCarthy opposes the bill because it could subject corporations to public shaming for taking advantage of legal tax credits.

The bill passed the House Ways and Means Committee unanimously Monday and heads to the full House after a routine Rules Committee review.

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