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08-01-2024, 07:44 PM
Updated 1:06 PM GMT+8, January 8, 2024
PHOENIX (AP) — A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
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The state had a budget surplus of US$1.8 billion a year ago. But it now has a shortfall of about US$400 million for the current fiscal year and another US$450 million shortfall the year after.
A tax cut approved by legislators in 2021 and signed into law by Hobbs’ Republican predecessor, Gov. Doug Ducey, replaced the state’s graduated income tax with a flat tax that took full effect last year. Arizona subsequently saw a decrease of over US$830 million in revenues from income taxes
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Meanwhile, a school voucher program expansion that originally was estimated to cost US$64 million for the current fiscal year could now top US$900 million
https://apnews.com/article/arizona-legis...2ff615f68c
PHOENIX (AP) — A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
......
The state had a budget surplus of US$1.8 billion a year ago. But it now has a shortfall of about US$400 million for the current fiscal year and another US$450 million shortfall the year after.
A tax cut approved by legislators in 2021 and signed into law by Hobbs’ Republican predecessor, Gov. Doug Ducey, replaced the state’s graduated income tax with a flat tax that took full effect last year. Arizona subsequently saw a decrease of over US$830 million in revenues from income taxes
......
Meanwhile, a school voucher program expansion that originally was estimated to cost US$64 million for the current fiscal year could now top US$900 million
https://apnews.com/article/arizona-legis...2ff615f68c
