Linking the state’s tax code to the federal government’s is the right thing to do
FOR IMMEDIATE RELEASE
Contact: Chad Heinrich, Arizona State Director, 602-567-0276, [email protected]
or Tony Malandra, Senior Media Manager, 415-742-5971, [email protected]
PHOENIX, Jan. 31, 2019—The following comment was issued by Chad Heinrich, Arizona state director for the National Federation of Independent Business, the state’s leading small-business association, following today’s passage of Senate Bill 1143.
“Arizona’s small businesses applaud the State Legislature for voting to conform Arizona’s income tax code to the changes Congress made by passing the Tax Cuts and Jobs Act in 2017.
“This could have been completed last year. Arizona taxpayers have been left in the dark for roughly a year—wondering if our state would conform to the federal changes. Most small-business owners are sole proprietors, making them especially sensitive to changes in the personal income tax because revenue from their business flows through to their individual tax return.
“Conforming to the federal law, which Arizona has historically done, will simplify the state income tax filing for taxpayers. Economic growth and a broader federal tax base should naturally increase state revenues. In order to prevent the conformity from unduly raising taxes, Senate Bill 1143 rightfully reduces state tax rates by 0.11 percent across each bracket to hold taxpayers harmless from any increase due to conforming with the federal law.
“As this pro-growth, pro-small business legislation is sent to Gov. Doug Ducey, we urge him to swiftly sign it.”
Keep up with the latest on Arizona small-business at www.nfib.com/arizona and by following NFIB on Twitter @NFIB_AZ
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For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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Twitter: @NFIB_AZ
Photo courtesy of the Arizona State Legislature website.
