Arizona Senate President Wants Big Corporate Tax Credit Boost Ended
The Republican leader of the Arizona Senate wants to end annual 20 percent increases to a corporate tax credit that funds private school scholarships.
Senate President Steve Yarbrough says the yearly boost will at some point exceed total corporate income tax collections. The program currently allows $74 million in corporate taxes to be diverted to Arizona's School Tuition Organization program that helps parents pay private school tuition.
Arizona collected about $368 million in corporate taxes in the most recent fiscal year and are dropping because of tax cuts.
Democrats say the program siphons cash from public schools. Senate Minority Leader Katie Hobbs said Wednesday they are concerned about other parts of Yarbrough's proposal. They want a hard cap and not the smaller yearly inflation adjustments he is seeking.