Bill > SB1828

This bill makes several changes to Arizona's tax laws: It amends the state's property tax limitation program to gradually increase the percentage of the qualifying tax rate that is subject to additional state aid for education, from 47.19% through 2021 to 50% starting in 2022. It also adjusts the unemployment insurance wage base over time, increasing it from $7,000 per employee per year currently to $8,000 starting in 2023. The bill creates new refundable tax credits for businesses that process qualifying forest products, with credits of $10,000 for the first 20,000 tons and $5,000 per 10,000 tons thereafter, capped at $500,000 per taxpayer and $2 million total per year. It also extends and increases the existing tax credit for contributions to school tuition organizations. Other provisions include retroactively expanding certain sales tax exemptions, adjusting income tax rate brackets, increasing the urban revenue sharing distribution to cities and towns, and modifying the rules for school tuition organizations and the foster care charitable organization tax credit.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/76142