![]() Like many states, Arkansas adopted both corporate and individual income tax rate reductions. This year’s changes, however, were sufficient for Arizona to improve five places overall, from 24th to 19th. Initially scheduled for 2024, robust revenue growth has led to the certification of the 2.5 percent rate for January 1, 2023, a significant development that will further improve Arizona’s ranking in next year’s Index. The Index Is Your Guide to Economic “Wins Above Replacement” Notable Ranking Changes in this Year’s Index ArizonaĪrizona transitioned from a four-bracket individual income tax with a top rate of 4.5 percent to a two-bracket system with a top rate of 2.98 percent, a waypoint on the state’s transition to a 2.5 percent single-rate tax.
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