Arizona will have lowest tax rate in 2023
Economic Growth ensures Arizona will have the lowest flat tax in 2023
The Arizona state income tax rate beginning January 1, 2023 will be a flat 2.5%, one year earlier than originally anticipated. Gov. Doug Ducey announced the news in a statement last Thursday. “It’s time to deliver lasting tax relief to Arizona families and small businesses so they can keep more of their hard-earned money,” he said.
The governor said the new lower rate is the result of the state’s historic revenue and “unprecedented economic growth.” Indeed, the state is forecast to have a budget surplus of more than $4 billion by 2024, and the Arizona economy is ranked #1 for economic performance.
By AZBigMedia.com