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Now the elections are over, you can see the Maricopa county official results at https://elections.maricopa.gov/results-and-data/election-results.html
Proposition 138
We would like to recognize and thank all the restaurants that brought this proposition to our attention and participated in the survey. Based on the feedback and conversations around this issue, we listened to our members and informed the Arizona Restaurant Association of our support for the proposition.
Thank you to our members for sharing their perspectives and helping us make informed decisions that support our community and its growth.
Rising Inflation Burden on Arizonans
Arizona households continue to face the challenges of post-pandemic inflation. The Common Sense Institute’s Inflation Misery Index for Arizona reveals just how much more residents are paying to maintain the same standard of living they enjoyed in 2019.
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September Revenues Dip Slightly
September 2024 General Fund collections totaled $1.48 billion, which is a decrease of (4.5)% below September 2023. Revenues in September were $(12) million below the enacted budget's revenue forecast. The moderate (4.5)% decline in total September collections is the result of 2 different factors.
First, while certain tax categories (such as Sales Tax and Income Taxes) had mixed results, overall tax revenue across all categories grew by 2.0%.
However, this growth was offset by declines in non-tax revenue, which was (77.0)% below the prior year across all categories. While the state experienced notable declines in the non-tax revenue categories of Lottery and Interest, those declines were expected in the enacted budget forecast and therefore did not generate forecast losses.
Chamber education program highlights the leadership of the elected officials building an economy for all Americans
The U.S. Chamber of Commerce launched a seven-figure education program highlighting the work of elected officials, all of whom are waging competitive 2024 races, emphasizing the need to avoid a tax hike when many of the 2017 tax reforms expire next year. Ensuring the United States has a competitive tax code and delivering that message to candidates and members of Congress is a top priority for the Chamber. The advertisements are running on platforms in select states and Congressional districts over the next two weeks.
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September 2024 Jobs and Labor Force Update
Arizona's job market saw positive gains in September, adding 11,200 nonfarm jobs, putting the state 8th nationwide for monthly job growth. However, while job growth has been steady, it remains slower than the pace seen in 2022 and 2023.
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Legislature Likely Remains in Republican Control
With 99% of the precincts reporting in, it appears both chambers of the Arizona Legislature will remain in Republican control.
Individual races can be viewed at the Secretary of State’s website under the “LEGISLATIVE” tab.
Arizona’s Housing Affordability Crisis
Topline: Arizona’s housing market remains deeply challenging, with a shortage of 65,721 units and persistently high prices. This housing gap, compounded by high mortgage rates, leaves many Arizonans struggling to achieve homeownership.
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Beneficial ownership information (BOI) reporting impacts you
Through the Growth and Opportunity Imperative the Chamber has been calling on candidates and elected officials to support policies that achieve at least 3% annual economic growth over the next decade.
- "Small businesses are pivotal in this growth, but they need access to capital and support from favorable policies to thrive,” Chamber Vice President for Small Business Policy Tom Sullivan told America’s Small Business Network.
Why it matters: “At 3% growth, a baby born today will see the economy double in their early 20s, as opposed to 2% growth,” Sullivan explained. At “one percentage less, they won't see the economy double until their 30s.”
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The Corporate Transparency Act requires that you file a BOI Report with FinCEN.
As of January 1, 2024, the primary federal business registration requirement is to file a "Beneficial Ownership Information" report with the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA), which mandates that most businesses disclose information about their owners and controllers to combat money laundering and other criminal activities; this essentially means registering the individuals who ultimately own or control a company with the government.
Key points about this registration:
- Who needs to file: Most businesses operating in the United States, including small businesses, are required to file this report.
- What information is needed: Details about the individuals who own or control a significant portion of the company, including names, addresses, and identifying documents.
- Where to file: The report is filed with FinCEN, a bureau of the U.S. Department of the Treasury
You can GO HERE to file your report. Don't wait until the end of the year!
Top 5 Things Small Businesses should know about the BOI Filing Video
2025 Minimum Wage Will Be $14.70
The Arizona minimum wage is set by the Industrial Commission of Arizona. They take the Bureau of Labor Statistics inflation rate and add it to last year’s minimum wage. This year’s rate 2.5%. Adding the increase into the current $14.35 comes out to nearly 35.9 cents. However, the Industrial Commission of Arizona rounds to the nearest nickel, resulting in $14.70 an hour minimum wage for the upcoming calendar year.
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