AZ HCR2016

Proposes amendment to Arizona Constitution Article IX, Section 2 to exempt personal property used in agricultural or business purposes valued up to $2.4 million in assessed cash value if initially acquired during or after tax year 2016.

Requires the legislature to increase the $2.4 million exemption threshold annually based on variations in a designated national inflation index.

Updates terminology in existing constitutional provisions by replacing references to "Veterans Administration" with "Department of Veterans Affairs" throughout relevant military service exemption sections.

Renumbers existing constitutional exemptions from subsections (7) through (13) to subsections (8) through (14) to accommodate the new personal property tax exemption.

Known as the "Small Business Job Creation Act" and requires submission to Arizona voters at the next general election.