SB 1828 Summary

• Increases income tax thresholds and reduces tax rates for Arizona residents, with further reductions triggered if state general fund revenue reaches specified thresholds ($12.78 billion or $12.98 billion).

• Increases unemployment benefits by raising the maximum weekly benefit amount from $240 to $320 (effective June 30, 2022) and the wage base limit from $7,000 to $8,000 annually (effective 2023).

• Expands school tuition organization (STO) scholarship eligibility to include homeschooled students, students from out-of-state, and those previously in empowerment scholarship accounts.

• Adds tax credits for healthy forest production (processing qualifying forest products) with a $2 million annual aggregate cap and per-taxpayer limits of $500,000.

• Makes various property tax adjustments, including reducing assessed valuation percentages for class one property and increasing urban revenue sharing to 18% of state income tax (beginning fiscal year 2023-2024).