Ducey signs bill to align AZ tax code with new Fed changes
Gov. Doug Ducey enacted a bill on Wednesday to bring Arizona’s tax code into line with federal law.
The move will not only make it easier for taxpayers to prepare their taxes ahead of the new federal and state deadlines of May 17, but Ducey’s office says Senate Bill 1752 will save taxpayers $ 600 million. Arizona. The bill was passed unanimously by the Arizona Legislature.
“Arizona taxpayers and small businesses were able to weather unprecedented economic hardship last year during the pandemic, in part thanks to actions taken by our federal partners,” Ducey said in a statement. “By bringing our tax laws into line with the federal code in a bipartisan fashion, we are providing millions of income tax breaks to our workers and small businesses that have played a vital role in getting our economy back on track and fueling our recovery. “
In addition to providing a tax cut, the legislation will allow Arizona businesses to receive immediate relief for any losses suffered during the pandemic, according to the governor’s office. Paycheck Protection Program loans and the first $ 10,200 in UI benefits received in 2020 for certain households will be exempt from state income tax.