House panel OKs high-tech investment tax credits

House panel OKs high-tech investment tax credits

Updated:

PHOENIX (AP) - An Arizona House committee has given initial approval to a bill that sets up a tax credit for insurance companies who invest in a new high-tech fund overseen by the Arizona Commerce Authority.

The bill sponsored by Republican House Speaker Andy Tobin gives insurers a credit against premium taxes they would owe of up to $10 million in the budget year beginning July 1 and $20 million in the next two years.

Tobin says the credit will prompt investment in biotechnology, semiconductors, electronics or other high-tech businesses.

It is 1 of 2 tax credit bills he is pushing that expand or create new tax credits. Tobin contends they will spur economic growth.

The bill passed the Commerce Committee Wednesday on a 7-2 vote with two Republicans opposing Tobin's bill.

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