This bill proposes several updates to current Arizona statutes regarding individual income tax and the allocation of funds for education. It introduces new language that mandates the deposit of certain revenues into the classroom site fund and the emergency deficiencies correction fund, specifically referencing section 43-1015 for these deposits. Additionally, it establishes a new tax increment of three and one-half percent on federal adjusted gross income exceeding specified thresholds, with half of the collected revenue allocated to each of the aforementioned funds. The bill also repeals section 43-1011, which is currently in effect.

Furthermore, the bill modifies existing provisions related to the classroom site fund and the performance-based compensation system for teachers. It clarifies that the performance-based compensation system must include professional development programs aligned with its elements and ensures that funds from the classroom site fund are used solely for instructional purposes. The bill also emphasizes that any new funds deposited pursuant to section 43-1015 will supplement existing funding rather than replace it. Overall, these changes aim to enhance funding for educational purposes while ensuring accountability and proper allocation of resources.

Statutes affected:
Introduced Version: 15-977, 41-5721, 43-1011, 43-1015, 37-521, 42-5029, 42-5029.02, 15-943.01, 35-190, 15-943, 15-448, 15-459, 15-978, 15-741, 41-5741, 15-907