Arizona Governor Releases Proposed Fiscal 2022 Budget

Arizona Gov. Doug Ducey (R) released his proposed budget for fiscal 2022, which reserves $200 million in tax relief for individuals and businesses, phasing to $600 million over the next three years; the state’s rainy day fund, which currently totals $954.4 million, will be used to address revenue shortfalls caused by COVID-19.

Fiscal 2022 collections from individual income tax, corporate income tax, sales and use tax, property tax, luxury tax, insurance premium tax, and other taxes are estimated at $5.62 billion, $580 million, $5.87 billion, $20 million, $49.6 million, $533.5 million, and $14.5 million, respectively.