Arizona Republicans rallied behind family tax rebates this week, emphasizing their positive impact on the state’s residents in light of a projected $400 million budget deficit. The recent report from the Finance Advisory Committee attributed the anticipated shortfall, in part, to a decrease in individual income tax revenue.
According to the most recent information released by the Bureau of Labor Statistics, the consumer price index in the Phoenix metropolitan area surged by 8.5% compared to the previous year in February. By August, this year-over-year figure had decreased to 3.7%. Nevertheless, despite the decrease in inflation, numerous Arizona households continue to face financial difficulties and here’s where the tax rebates come to save the day.
New Tax Rebate Program in Arizona Offers Up to $750 for Families
In response to the state’s newly implemented tax plan within the budget, many Arizona families are poised to receive financial assistance. The Arizona Families Tax Rebate has been introduced to provide relief, offering eligible recipients the prospect of receiving a rebate of up to $750.
This rebate, essentially a one-time child tax rebate, is designed to assist Arizonans in coping with the challenges posed by rising inflation. It is estimated that approximately 740,000 Arizona taxpayers may qualify to receive these payments. This could be compared to the decisions made by various states across the country, which are implementing different forms of tax relief to aid residents in dealing with the impact of inflation. For instance, Georgia has recently suspended the gas tax, and Tennessee has introduced a grocery tax holiday as part of their respective relief efforts.
Who Qualifies for the Tax Refund?
Qualifying taxpayers can receive the rebate for up to three dependents, according to the following criteria:
- If you reside in Arizona year-round and applied for the state’s tax credit for dependents when filing your 2021 tax return, you might qualify for the Arizona Families Tax Rebate.
- To qualify, you must also have owed a minimum of $1 in taxes during 2019, 2020, or 2021.
- Qualifying taxpayers can receive the rebate for up to three dependents.
- For dependents under 17, the rebate is $250 per dependent.
- For dependents aged 17 and older, the rebate is $100.
The Arizona Department of Revenue announced that will be distributing the rebates by November 15, 2023. The money will arrive to qualifying households through direct deposit or paper checks delivered via mail. State officials are expected to provide additional details about the rebates as they become available. So far, more information haven’t been unveiled. Stay tuned to the official Arizona Department of Revenue for more fresh data.