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The Associated Press April 24, 2012, 11:31AM ET

Arizona ballot measure set business equipment tax

Arizona voters will decide in November whether to give businesses a break on property tax paid on newly acquired business equipment.

Unanimously House approval of a resolution on Monday completes legislative action on the general election referendum on the proposed state constitutional amendment.

Under the legislation, the current exemption of roughly $68,000 would increase to approximately $2.4 million.

Legislative budget analysts estimate the bigger exemption for property acquired starting in 2013 would cost the state about $8.2 million in lost general fund revenue, while there would be what the analysts call a "minimal impact" on local governments.

Supporters say the bigger exemption would encourage investment by small businesses.

Also Monday, a 41-10 House vote approved a separate ballot measure to cap growth of locally assessed property values.

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