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In an effort to promote economic growth and support small businesses in the state, Arizona legislators have introduced new tax incentives aimed at providing financial relief to entrepreneurs and start-ups. The proposed legislation, known as the Small Business Tax Relief Act, was unveiled during a press conference at the Capitol earlier this week.Under the terms of the bill, small businesses with annual revenues of $1 million or less will be eligible for a 15% tax credit on their state income taxes. Additionally, the legislation includes provisions for expedited business permit processes and reduced fees for new business registrations.Speaking at the press conference, State Senator Sarah Johnson, one of the bill's sponsors, emphasized the importance of supporting small businesses in Arizona. "Small businesses are the backbone of our economy, and it is critical that we provide them with the resources and support they need to thrive," Senator Johnson said. "We believe that the Small Business Tax Relief Act will not only benefit entrepreneurs and start-ups, but will also create jobs and stimulate economic growth in our state."The proposed legislation has already garnered support from various business advocacy groups and chambers of commerce in Arizona. Bob Smith, President of the Arizona Small Business Association, praised the bill as a "much-needed lifeline" for small business owners struggling to stay afloat in the current economic climate. "These tax incentives will make a significant difference for small businesses across the state, allowing them to reinvest in their companies and create new opportunities for growth," Smith stated.If passed, the Small Business Tax Relief Act would go into effect on January 1, 2026, providing immediate relief to small business owners in Arizona. Lawmakers are hopeful that the legislation will receive bipartisan support and be signed into law in the coming months.In addition to the new tax incentives, legislators are also considering other business-friendly measures, such as streamlining regulations and expanding access to capital for small businesses. With these initiatives in place, Arizona aims to cultivate a supportive environment for entrepreneurs and foster innovation and economic prosperity in the state.