Arizona Revised Statutes (Last Updated: March 31, 2016) |
Title 43. Taxation of Income |
Chapter 10. INDIVIDUALS |
Article 5. Credits |
Sec 43-1073. Family income tax credit
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A. Subject to the conditions prescribed by this section, a credit is allowed against the taxes imposed by this chapter for a taxable year for taxpayers whose Arizona adjusted gross income, plus the amount subtracted for exemptions under section 43-1023, is:
1. Twenty thousand dollars or less in the case of a married couple filing a joint return with no more than one dependent or a single person who is a head of a household with no more than one dependent.
2. Twenty-three thousand six hundred dollars or less in the case of a married couple filing a joint return with two dependents.
3. Twenty-seven thousand three hundred dollars or less in the case of a married couple filing a joint return with three dependents.
4. Thirty-one thousand dollars or less in the case of a married couple filing a joint return with four or more dependents.
5. Twenty thousand one hundred thirty-five dollars or less in the case of a single person who is a head of a household with two dependents.
6. Twenty-three thousand eight hundred dollars or less in the case of a single person who is a head of a household with three dependents.
7. Twenty-five thousand two hundred dollars or less in the case of a single person who is a head of a household with four dependents.
8. Twenty-six thousand five hundred seventy-five dollars or less in the case of a single person who is a head of a household with five or more dependents.
9. Ten thousand dollars or less in the case of a single person or a married person filing separately.
B. The amount of the credit is equal to forty dollars for each person who is a resident of this state and for whom a personal or dependent exemption is allowed with respect to the taxpayer pursuant to section 43-1043 and 43-1023, subsection B, paragraph 1, but not to exceed:
1. Two hundred forty dollars in the case of a married couple filing a joint return or a single person who is a head of a household.
2. One hundred twenty dollars in the case of a single person or a married couple filing separately.
3. For any taxpayer, the amount of taxes due under this chapter for the taxable year.