AZ SCR1053

Amends Arizona Constitution Article IX, Section 2 to remove language exempting personal property "used in a trade or business" from the $50,000 personal property tax exemption cap.

Adds new Article IX, Section 2.4 creating a gradual phase-out of taxes on personal property used in trade or business, beginning in tax year 2014 and increasing by 10% annually.

Achieves complete exemption (100%) of business personal property from taxation beginning in tax year 2023.

Through tax year 2013, legislature may exempt up to $50,000 of business personal property value, adjusted annually for inflation.

Requires voter approval through general election ballot measure per Arizona Constitution Article XXI.