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The composition of the state's economy is moderately diverse; although health care, transportation and the government remain the largest sectors. Arizona's per capita income was $61,652 in 2023, ranking 33rd in the U.S. [2] The state had a median household income of $74,568, making it 19th in the country and just below the U.S. national mean.
State income tax is imposed at a fixed or graduated rate on taxable income of individuals, corporations, and certain estates and trusts. These tax rates vary by state and by entity type. Taxable income conforms closely to federal taxable income in most states with limited modifications. [2]
t. e. Transaction privilege tax (TPT) refers to a gross receipts tax levied by the state of Arizona on certain persons for the privilege of conducting business in the state. TPT differs from the "true" sales tax imposed by many other U.S. states as it is imposed upon the seller or lessor rather than the purchaser or lessee.
Many Arizona families will soon pocket a tax rebate of up to $750, courtesy of the Arizona Legislature. The rebate, carved out of the state's $2.5 billion surplus, was aimed at parents of ...
PHOENIX (AP) — The Arizona House on Thursday approved a $1.9 billion income tax cut that mainly benefits the wealthy as majority Republicans pushed through key pieces of a state budget plan ...
State income tax systems fall into three broad categories: fixed or flat income taxes, progressive income taxes, and no income taxes. ... Take Arizona, for example, which has tax brackets at an ...
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