Voters have rejected a ballot measure to reduce taxes many businesses pay on property ranging from machinery to desks.
Cronkite News bases its projection on unofficial returns showing Proposition 116 trailing by a narrow margin.
Dubbed the Small Business Creation Act, the measurewould have raised the annual tax exemption on property used for business, agriculture and trade from $68,079 to an amount equal to the combined earnings of 50 Arizona workers – estimated at $2.4 million.
It would have applied to property purchased during or after 2013.
Supporters said the change would create an incentive for businesses to invest in equipment and add jobs.