This bill proposes to amend the Arizona Revised Statutes by adding a new section, 41-1275, to title 41, chapter 7, article 10. The new provision mandates that the joint legislative budget committee staff submit an annual report by November 1 to the president of the senate and the speaker of the house of representatives. This report will review and categorize information based on the individual income tax rate brackets for the 2022 taxable year, as prescribed by section 43-1011.

The report will include three specific elements: the individual income tax rate as outlined in section 43-1011, the adjustments made to Arizona gross income by taxpayers in the previous taxable year according to title 43, chapter 10, article 3, and the deductions and credits claimed by taxpayers for the prior taxable year under title 43, chapter 10, articles 4 and 5. There are no deletions from current law; the bill solely introduces new language to enhance the reporting requirements of the joint legislative budget committee.

Statutes affected:
Introduced Version: 41-1275