VICA Opposing Split Roll Tax Bill

The Valley Industry & Commerce Association opposes a bill that would dramatically raise the cost of business property taxes in response to the state’s budget crisis, the organization announced. “This discrimination in property taxes is an unfair burden on businesses that are the economic force driving the state,” VICA Chair Daymond Rice said. Assembly Bill 2492 would create a split roll tax, which would reclassify business properties and subject them to paying higher property taxes than similarly valued residential properties. Businesses currently pay about two-thirds of all business taxes collected in the state. The change could lead to hardships for businesses and result in job losses, reduced wages, increased consumer prices and a decline in the value of financial assets, the VICA statement said. “Directing tax hikes solely on the business community is the worst thing the state can do in the current economy,” said VICA President Stuart Waldman. Jessica Selva