AZ SCR1003

Proposes constitutional amendment to exempt the first $1 million of full cash value of personal property initially acquired during or after 2021 that is used for agricultural purposes or in a trade or business.

Allows legislature to adjust the $1 million exempt amount according to annual variations in a designated national inflation index.

Maintains existing exemption of up to $50,000 for personal property used in agriculture or business, which cannot be increased without legislative action.

Titles the measure the "Small Business Job Creation Act."

Requires submission of the proposition to Arizona voters at the next general election.