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News & Press: LEGISLATIVE UPDATE

2015 Legislative Session Update

Wednesday, March 4, 2015   (0 Comments)
Posted by: Bridgette Blair
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2015 Legislative Session Update

3/4/2015

 

By:  Eric W. Emmert

Vice President

Dorn Policy Group, Inc.

 

The Arizona Legislature continues its 2015 work on nearly 1,200 bills entered into the system. The Governor and legislative leaders appear close on budget numbers leading many top believe the session will come to a close on time and in April.

 

Several economic development bills of note are still in the legislative process. These bills are being tracked by the AAED Government Affairs Committee and will be the subject of discussion at monthly meetings. They include:

 

HB 2011 – Angel Investment Tax Credit

This bill increases the cap for the Angel Investment Tax Credit from $20 million to $25 million.

 

HB 2333 - Tax Credit; Research Activity; Refunds

This bill increases the annual maximum income tax refunds that the Arizona Commerce Authority (ACA) may award to taxpayers for increased research activities to the following:

$7.5 million in 2016

$10 million in 2017

$12.5M in 2018

$15M in 2019 and each thereafter

 

HB 2670 / SB 1468 - International Operations Centers

Allows utility relief for the owner or operator of a certified international operations center that meets specific investment requirements.  Modifies requirements for the tax credit for investment in new renewable energy facilities that produce energy for self-consumption. To qualify with the Arizona Commerce Authority, the owner or operator must achieve both of the following investment requirements after taking into account the combined investments made by the owner or operator:

 

-          A minimum annual investment of $100 million in new capital assets, including cost of land, buildings and equipment, in each of 10 consecutive taxable years of the owner or operator;

 

-          A minimum investment of at least $1.25 billion in new capital assets, including cost of land, buildings and equipment, on or before the tenth anniversary of certification.

 

 

SB 1450 / HB 2591 - Securities Registration; Exemption; Website Operators

These bills are widely known as the “crowd funding” bills. They exempt issuers that meet certain criteria from current law pertaining to the offering and sale of securities making crowd funding permissible in Arizona.

 

The AAED Government Affairs Committee meets on the 4th Tuesday of each month at 1:30 P.M. A legislative update is given at the beginning of each meeting. Members wishing to hear the update may call-in and exit the meeting as they choose. Any AAED member may participate.

 

Should you have questions about these or any other bills before the Arizona Legislature, please contact Arizona Association for Economic Development lobbyists Tom Dorn, Eric Emmert or Amanda Rusing at (602) 606-4667.

 

 

Eric W. Emmert:  (602) 606-4667 / eric@dornpolicygroup.com