Tempe and Phoenix businesses that earn more than $100,000 in annual revenue are going to get a $100 million corporate tax credit, a move that is expected to spur job creation and boost economic growth in the region.
Business Insider’s Emily Schmoll, who is reporting from Tempe on the tax credit announcement, says the incentives are likely to be very helpful to companies, and could even help them to expand and create jobs.
“Tempe is expected by the state to get about $20 million more in tax credit this year than last year.
That’s the second biggest increase in the state since the federal tax credit began in 2015,” Schmolz reports.
The tax credit is the largest in the country for a business, and will likely help companies hire workers and expand their businesses, and boost revenue for businesses that generate significant revenue.
According to Business Insider, companies that earn between $100K and $500K in annual sales will get a credit worth up to $100.
That is a big boost for companies that rely on tourism to their bottom line, and it could potentially boost tourism to other areas.
There are many ways businesses in the US can benefit from the tax credits, and they could include expanding into new markets or bringing employees to the US from abroad.
According a spokesperson for the Arizona Department of Economic Security, Arizona has received $30 million in tax credits from the federal government, and another $3 million from the state’s state government, so the tax incentives will help companies in Tempe.
“As part of the tax-credit program, employers will be able to use up to 30% of their income for payroll tax purposes,” the spokesperson said.
“Companies with more than 100 employees will also be eligible to claim a $3,000 credit.
The state’s tax credits will be available for businesses with up to 50 employees and up to 250 employees, according to the spokesperson.
Employers with more, or less, employees can apply for a credit at a special tax office located in the Tempe Town Hall.
The Office of Economic Development will assist employers with the process and the credit is not available to individuals.”
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