Numbers from the Arizona Finance Advisory Committee show business tax cuts enacted a few years ago will cost Arizona about $350 million in lost revenue once they’re fully phased in.

While the panel says there’s no definitive evidence a drop in corporate income taxes is because of those tax cuts, the group says it is likely. Those cuts were enacted with the goal of recruiting more businesses to the state. Economist Jim Rounds, president of Rounds Consulting Group, spoke about the report.