The resolution SCR1014 proposes a significant change to Arizona's individual income tax structure, contingent upon voter approval. It mandates the Joint Legislative Budget Committee (JLBC) to assess state revenue metrics starting in fiscal year 2028. Specifically, for each taxable year beginning January 1, 2028, the Arizona Department of Revenue (ADOR) is required to reduce the individual income tax rate by 50% of the structural surplus determined by the JLBC. The resolution defines key terms such as "Arizona taxpayer return," "structural surplus," and "growth limit," which will guide the implementation of these tax rate reductions.

The resolution aims to provide financial relief to taxpayers by lowering the income tax rate based on the state's fiscal performance. It establishes a framework for calculating the tax rate reduction, which is tied to the state's ongoing revenue and expenditure metrics. Additionally, the resolution stipulates that the Secretary of State will present this measure to voters in the next general election, and it will only take effect if approved by the electorate and proclaimed by the Governor.

Statutes affected:
Introduced Version: 41-1275, 43-1015, 2027-2028, 2026-2027
Senate Engrossed Version: 41-1275, 43-1015, 2027-2028, 2026-2027