Ducey announces that Arizona has passed the economic threshold needed to implement the 2.5% flat tax one year ahead of schedule
Hello,
Good news for Arizona taxpayers: the 2.5% flat income tax is being phased in one year ahead of schedule!
Thanks to robust economic growth, general fund revenue has passed the threshold needed for early implementation of the tax cut. Governor Ducey notified the Department of Revenue that implementation of the lowest flat tax in the nation can begin in 2023.
** Arizona hits revenue threshold to implement 2.5% flat income tax a year early
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Sept. 29, 2022
BY KEVIN STONE ([link removed])
PHOENIX – Arizona’s flat income tax rate of 2.5% will kick in for the 2023 tax year thanks to a healthy economy, the state announced Thursday.
The single-rate system was scheduled to be implemented no later than the 2024 tax year, but it will start a year earlier because the state’s general fund revenue surpassed a statutory threshold.
The phased-in flat tax plan was part of the 2021 state budget ([link removed]) . The plan will cut income taxes by 13% for the average taxpayer, about $340 per year, according to the Governor’s Office ([link removed]) .
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Team Ducey
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