By Howard Fischer | Capitol Media Services via Arizona Capitol Times
Come next April, look to pay the state a little bit less in taxes, or get a little bit more back in refunds.
Gov. Doug Ducey on Wednesday signed legislation that immediately boosts by $50 the amount of money that Arizonans can subtract from their earnings before computing their taxes. That will show up on the 2017 tax forms made available early next year.
Another $50 will be added to the “personal exemption” the following year. And after that, the amount will be adjusted annually to match inflation.
Arizona has five tax brackets, ranging from 2.59 percent for adjusted income for individuals up to $20,000 to 4.54 percent for those earning more than $150,000.
