AZ SB1799

Increases Arizona's standard deduction effective for taxable years beginning after December 31, 2021: from $12,200 to $24,400 for single filers and married filing separately; from $18,350 to $36,700 for heads of household; and from $24,400 to $48,800 for married couples filing jointly.

Requires annual inflation adjustments to the new standard deduction amounts (paragraphs 4, 5, and 6) beginning in taxable years after December 31, 2022, using the same method as the federal basic standard deduction under Internal Revenue Code section 63.

Maintains the existing allowance for taxpayers to increase their standard deduction by 25 percent of charitable deductions that would have been allowable under itemized deductions.

Updates cross-references in sections 43-301 and 43-323 to reflect the addition of new subsection I (now subsection J) regarding charitable deductions.