Arizona has passed a new tax reform that benefits every resident, from Veterans to hardworking individuals and even small businesses. After seeing record revenue growth, the state received $2 billion more in tax than last year. As such, the Arizona government has prioritized its taxpayers, who will receive the state’s record revenues, reducing every Arizonian’s tax rate.
The Arizona government prides itself on giving back to its people. Their budget focuses on funding key priorities instead of expanding government, including affordable housing, education funding, new roads and bridges, long-term water projects, and childcare. Additionally, the state has made record investments in K-12 education, universities, infrastructure, and $1 billion towards the state’s rainy-day fund.
What does this plan include?
- Reduced Income Taxes: Taxpayers will receive an income tax reduction by 13 percent, an estimated annual savings of $350.
- Slashes Property Taxes: Small businesses and job creators will have reduced property taxes by ten percent. The homeowner’s rebate will increase, so the state covers half of all homeowner’s property taxes.
- Giving back to small businesses: The tax plan restricts tax hikes by placing a maximum tax rate of 4.5 percent and reduces commercial property taxes.
- Increased Savings for Veterans: By cutting tax payments on Veteran’s retirement pay, Veterans will save $650 annually.
- Prioritizes Education: Investments for K-12 education have increased and do not impact or reduce any K-12 dollars.