Time running out for tax law change

By Howard Fischer | Capitol Media Services via Arizona Capitol Times

Arizona individual taxpayers could end up being hit with an extra $236 million in taxes if the governor and lawmakers follow their regular practice of trying to keep the annual state income tax relatively simple.

Elected officials will have to decide soon whether Arizona should make the same changes in what’s deductible as Congress did earlier this year. Those changes will not only reduce federal income taxes but, with more generous standard deductions, also eliminate the need for many Americans to itemize.

But the financial hit to Arizona taxpayers could depend on what they do — and how they do it.

With no action anticipated before the general election, any decisions could also be affected by politics.


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