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Voters reject Proposition 116 on business property tax

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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.