A new report from the payroll company PayChex ranked the states in order of small business job growth and Arizona came out No. 1, with nearly 6% growth over the past year. Phoenix ranked third among the country’s 20 most populated cities. The Arizona Legislature released a report shortly before that showing Arizona is in great condition, breaking records. The state passed historic tax cuts this year, preventing a 77% increase on small business taxes, reducing small business property taxes by 10%, and capping the maximum tax rate on businesses at 4.5%.
Frank Fiorelle, vice president of risk, compliance and data analytics at Paychex, explained that a lot of the job growth is due to the pandemic ending. “A lot of those restaurants are coming back online, opening the doors and turning on the lights, he said. He added that states which reopened their economies earlier have higher job creation rates.Read More