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 one of two 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.