The resolution proposes a measure related to income tax that will be submitted to the voters for approval. It aims to amend the Arizona Revised Statutes by adding new sections that establish a framework for determining ongoing state general fund revenue and implementing a reduction in individual income tax rates. Specifically, the Joint Legislative Budget Committee will be responsible for determining the growth limit of state tax collections and any excess revenues, which will then inform the calculation of a structural surplus and the Arizona taxpayer return.

Starting from fiscal year 2027-2028, if ongoing state general fund revenues exceed the established growth limit, 50% of the structural surplus will be returned to taxpayers. Additionally, for taxable years beginning after December 31, 2027, the individual income tax rate will be reduced by an amount equal to the Arizona taxpayer return for that year. The Secretary of State is tasked with submitting this proposition to voters at the next general election, ensuring that the measure becomes law only if it receives voter approval and is proclaimed by the Governor.

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