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Phoenix, Arizona Life Sciences and Tax friendly

Arizona is Making Rankings in Life Sciences and Taxes

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Arizona was recently placed in the top 10 most tax-friendly states and Phoenix was ranked as the number one city in the U.S. for life sciences employment growth. Cost of living and job opportunities are major factors for population growth. So, these economic and employment trends are demonstrating why so many people are relocating to Arizona. 

Dorn Policy Group, Inc. is one of Arizona’s top public affairs firms. We are advocacy professionals who strive to obtain the results our clients want. In a growing community, it is important to have your voice heard by key policymakers. Read our blog post below and learn more about Arizona’s recent rankings and the effects these traits might have on population growth. 

Top 10 Tax-Friendly States

Kiplinger recently estimated the overall income, sales, and property tax in each state for a married couple with two children, combined wages of $77,000, and $3,000 of other income. They found that Arizona is the 9th most tax-friendly state of the 50 U.S states and the District of Columbia. Low-income taxes were noted as what separates Arizona from other states. Middle-income families don’t pay the state’s lowest rate of 2.59 percent, but they don’t pay a much higher rate at 3.34 percent. Arizona residents pay relatively low property taxes as well. The average property tax on a $300,000 home in Arizona is estimated to be only $1,851 per year. This is below the U.S. average property tax for a home at that price. As part of its budget discussions, the Arizona Legislature is considering accelerating the income tax reforms it passed last year. If passed, the reforms would increase Arizona’s tax friendly rank when compared to other states.

Phoenix is #1 For Life Sciences Growth

The Greater Phoenix area is emerging as a life science hub. Life sciences job growth in Phoenix grew 8.5 percent between 2019 and 2020. The city ended the year with approximately 22,000 jobs in the life sciences sector, the most of any U.S city. Phoenix has outpaced the job growth in other cities, even amid record expansion rates across the industry. The vacancy rate for existing lab and research space all across the United States is at a record low due to a global race for new drug development according to a new report from CBRE. Life sciences companies collectively took over nearly 23.8 million square feet of new lab space across the top 12 life science hub cities at the end of 2021.

With all-time highs in funding, job growth, demand for lab space, and new construction, trends suggest that the field and job market will continue to grow in the coming year. Phoenix-based leadership thinks that the overall idea of Phoenix as a hub for life sciences job growth is still expanding. “Phoenix continues to draw national attention as a hub for cancer diagnosis and treatment,” said First Vice President of CBRE, David Barrett. 

How These Rankings Might Affect The State

The job market and various costs affect population growth in every state. Workers are changing jobs more frequently and the availability of life science careers will likely be a large draw for new residents in the Phoenix area. The cost of living also plays into relocation decisions for most people and the financial difference between living in a high-tax state or a low-tax state can be thousands of dollars each year. Arizona’s job market and relatively low tax rate will likely play into population growth for years to come.

Dorn Policy Group is a Proud Arizona Government Relations Firm

Dorn Policy Group was founded in 2000 on the belief that integrity, tenacity, and client results should be the cornerstones of public affairs. We work with all levels and departments of government to ensure the demands of our community and clients are met. Contact us today and learn how we can help you enhance your government relations.  

Arizona State Budget

$14.25 Billion is Proposed for the State Budget: What Does This Mean For You?

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Like other states, Arizona lawmakers and public officials are elected in part to manage the state’s finances. State budgets are volatile, as they depend on anticipated revenues and planned expenditures, which may alter over the course of a fiscal year. When revenues do not keep pace with expenditures, states may decide to raise taxes, cut services, borrow money, or a combination of the three. For Arizona’s FY2023 budget, Governor Doug Ducey proposes a $14.25 billion budget.

Dorn Policy Group, Inc. is one of Arizona’s top public affairs firms. We are advocacy professionals who strive to obtain the results our clients want. The state’s budget is very important when it comes to managing our state’s services and revenue. As a business entity in Arizona, one must be on top of how the state’s money is being used.  Read our blog post below to learn more about Governor Ducey’s current budget proposal. 

Governor Ducey’s $14.25 Billion State Budget Proposal

In mid-January, Governor Ducey introduced a new budget proposal for the State of Arizona. The $14.25 billion in spending for the 2023 fiscal year includes nearly $1.4 billion in new spending, where most will go towards K-12 education, water infrastructure, investing more in Arizona’s “Rainy Day Fund,” and expanding Interstate 10. Additionally, $364 million of new spending will offset new tax cuts. The governor also wants to put $50 million into a border security fund, which would pay for some fencing on private land near the U.S.-Mexico border. 

Upon releasing the budget, Governor Ducey shared, “We’re going full throttle to leave Arizona stronger than we found it through targeted investments in education, public safety, border security, infrastructure, and the things that matter to Arizonans.”

What Does Governor Ducey’s State Budget Proposal Mean for Arizonans?

As mentioned, Arizona’s state budget is the lifeblood of our economy. Without a strong budget at our disposal, many important services would not have the resources they need to operate efficiently. 

Due to a growing demand for better education for our students, our lawmakers and governor is using this budget to help promote stronger school systems. State spending on K-12 education will increase to nearly $10.9 billion. This is a significant increase toward the public education system.

Additionally, Arizona’s water shortage has been one of the state’s top concerns for a while. The overall goal of the state’s $160 million spend on water infrastructure is to improve water augmentation across the state, along with nearly $150 million for rural water projects, increasing groundwater capacity, water banking, and other conservation solutions. Moreover, desalination is going to play a very important role in Arizona’s water future and this funding could help towards it. 

Dorn Policy Group, Inc. Advocates for Businesses Large and Small 

When you partner with a government relations firm like Dorn Policy Group, Inc., you’re not just getting our support. You gain an invaluable partner who advocates for your success. With nearly 60 years of combined experience, we’re experts in obtaining the results you need for success. Contact us today to learn more about our services and what we can do for you. 

Why Lobbying Will Be Important as a Result of COVID-19

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While COVID-19 has been at the forefront of our minds, we are starting to see the ripple effects of closing the economy and ordering citizens to stay at home. While some states like California remain closed, Arizona is once again open for business. Although we don’t know what the future holds, the best thing you can do is overprepare. 

While trying to keep your organization financially strong, adapting to a changing environment is important to your overall success. Hiring a lobbying firm is something to consider due to the rapidly changing environment and increased government action. 

Some key reasons to partner with a reputable advocacy group include:

Relationships

One of the key differences between grassroot lobbying and hiring a professional are the relationships we have with elected officials and key decision-makers. These relationships are more important than ever before because of the limited access available. As business continues to be conducted virtually, experienced lobbyists know who to talk to and how to influence their decision-making. With a strong already established relationship, an experienced lobbyist finds it much easier to get in front of decision-makers in order to propel your interests forward.

Hyper-Focused on Important Issues

Right now, government departments and policymakers are busy dealing with issues as a result of COVID-19 and will be for the foreseeable future. It is unreasonable to expect to make room for other weighty issues. However, it is imperative to continue advocacy efforts through the current economic and political landscape. This may be through legislation, initiatives, or candidate nominations, as 2020 is shaping up to be a pivotal election year. But, it is important to still proceed with caution, as elected officials are experiencing a variety of new challenges. 

Invest in Your Future

 The global pandemic has validated the power of local control. In fact, based on recent events and trends over the past several years, states will continue to implement policy and recommend guidelines for the foreseeable future. The best thing your business can do to prepare is to invest in relationships with elected officials and key decision-makers. Hiring a lobbying firm with strong connections and experience at the state level can be a strategic move to push your interests forward. 

At Dorn Policy Group, we have helped our clients prepare for what is to come here. We partner with you to contend for issues that are in the best interest of your company’s future. Our expertise is accentuated by our comprehensive relationships that help your business thrive in Arizona.

Contact us to learn more about why Dorn Policy Group is one of the most reputable lobbying, policy, and advocacy groups in Phoenix, Arizona.