AZ HCR2031

Proposes constitutional amendment to exempt the first $2.4 million of full cash value of personal property initially acquired during or after 2016 that is used for agricultural purposes or in a trade or business from taxation.

Legislature may increase the $2.4 million exemption threshold by law.

Modifies existing property tax exemptions under Arizona Constitution Article IX, Section 2, renumbering subsections to accommodate the new exemption.

Known as the "Small Business Job Creation Act."

Requires voter approval and proclamation by the Governor to become effective.