Rep. David Livingston, R-Peoria

PHOENIX — Republican lawmakers are moving to cut income tax rates for Arizona corporations by nearly half, a move legislative budget analysts say eventually could cut state revenues by nearly $670 million a year.

The party-line vote Wednesday by the House Ways and Means Committee came over objections from all the Democrats on the panel who questioned both the wisdom and the need to take the tax rate from its current 4.9% to 2.5% by 2026. That follows a series of cuts a decade ago that dropped the rate from nearly 7%.

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