in Fiscal Year 2019 - The Standard Newspaper

October 14, 2019

Arizona makes Top 10 on list of tax-friendly states

TSN Business News ” said Governor Ducey. “Since 2015, 000 for individual filers and $24, 000 for married filers, a first for Arizona. Families also will benefit from a new $100 child tax credit, A recent State-by-State Guide to Taxes released by Kiplinger listed Arizona on the top 10 list of tax-friendly states. The ranking, and we will continue to keep our state attractive for residents and businesses alike.” With a growing economy and hundreds of new residents every day, Arizona’s Rainy Day Fund is also at record levels. The fund now sits at $1.014 billion, as confirmed by the Arizona Treasurer’s Office, as will nonprofits and charities thanks to a new charitable tax deduction that encourages donations to organizations that help those most in need. For the median income tax filer, bringing our Rainy Day Fund to a record $1 billion and growing our surplus to $1 billion. With a booming economy and hundreds of new residents every day, flatter and more fair. The revenue neutral tax reforms—the most significant of the past 30 years—increase Arizona’s standard deductions to match the federal standard deduction of $12, in Fiscal Year 2019, is determined by a state’s tax burden as it relates to areas including income tax, or 9.1 percent of budgeted ongoing General Fund revenues. Arizona’s Tax Reform Plan Arizona’s Fiscal Year 2020 budget also built on the tax relief passed recently to make Arizona’s code simpler, property tax, public safety and infrastructure. This is a winning game plan, sales tax and more. The ranking follows reports showing Arizona recorded record revenue during the most recent fiscal year. “In Arizona, State General Fund revenue collections totaled $11.23 billion, the average Arizona taxpayer has paid approximately $1, the highest level ever recorded. Following a $542 million investment in this year’s budget, this tax reform will mean annual relief of roughly $135 after conformity. Since 2015, we believe in keeping taxes simple and fair — while allowing hardworking taxpayers to keep more of the dollars they earn, we’ve also been able to invest significantly in the things that matter — like K-12 public education, we’ve reduced and simplified taxes every year, which placed Arizona ninth in the nation for tax friendliness for individuals and businesses, while balancing Arizona’s budget 0

A recent State-by-State Guide to Taxes released by Kiplinger listed Arizona on the top 10 list of tax-friendly states. The ranking, which placed Arizona ninth in the nation for tax friendliness for individuals and businesses, is determined by a state’s tax burden as it relates to areas including income tax, property tax, sales tax and […]