income tax; rate; reduction

HCR 2012 is a proposed voter referendum that would amend Arizona's income tax code to reduce tax rates for most taxpayers. If approved by voters, it would adjust the tax brackets and rates for both single filers and joint filers, lowering the percentage rates applied to taxable income across multiple income tiers. The bill directly affects Arizona residents who file state income tax returns, potentially reducing their tax burden for taxable years beginning after 2021. It is not yet law but requires voter approval to take effect, as indicated by its referendum language and current status in the legislative process (House first/second reading). The bill focuses on modifying existing tax rate structures rather than creating new tax policies.