An Arizona House committee Thursday approved a bill that would amend the state Constitution to give businesses property tax cuts that could range as high as $2.4 million.
Voters in November rejected the proposal, called Proposition 116 on the ballot, by a 56-44 percent margin.
Currently, the personal property tax exemption for businesses has a limit of $50,000. The bill passed in the House Ways and Means Committee would increase it to an amount equal to the annual earnings of 50 Arizona workers — or about $2.4 million.
The bill, known as House Concurrent Resolution 2011, would go on the next statewide general election ballot, in 2014, if the Legislature passes it.
It is one in a series of proposals working their way through the Legislature to provide tax breaks to businesses as a means of growing the economy and jobs.
Republicans who have pushed most of the bills say they are helping the economy. Some Democrats have said they could deplete the state of needed revenues to bolster education as a path to economic development.