AZ SCR1035

Creates an annual process where the Joint Legislative Budget Committee determines ongoing state general fund revenues against a growth limit starting in fiscal year 2025-2026.

Defines "growth limit" as fiscal year 2024-2025 revenues increased annually by the sum of inflation (measured by Phoenix consumer price index) plus population growth (measured by U.S. Census Bureau estimates).

Establishes "Arizona taxpayer return" as 50 percent of the structural surplus (the difference between revenues and expenditures after adjustments) for the following fiscal year.

Requires the Department of Revenue to reduce individual income tax rates under section 43-1011 beginning in taxable year 2026 by an amount equal to the Arizona taxpayer return calculated for that year.

Submits the measure to voters at the next general election for approval as a constitutional proposition.