Arizona SB1203 amends income tax laws to adjust the standard deduction and introduce new subtractions.
Arizona SB1203 modifies the state's income tax laws by adjusting the standard deduction and introducing new subtractions. The bill specifies that for taxable years beginning from and after December 31, 2024 through December 31, 2028, an amount equal to the amount allowed as an enhanced deduction for seniors and qualified tips will be subtracted. It also increases the standard deduction by twenty-five percent of the total amount of a taxpayer's charitable deductions.
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