JLBC; income tax review; report

SB 1468 requires Arizona's Joint Legislative Budget Committee (JLBC) staff to annually review and report on the state's individual income tax system. Specifically, by November 1 each year, they must submit a report categorizing current tax brackets (based on 2022 rates), adjustments to gross income, and deductions/credits claimed by taxpayers in the prior year. This bill does not change tax rates or policies but mandates a structured review of existing tax structures. The report will inform legislative decision-making by providing data on how Arizona's tax code is applied. It affects all individual income taxpayers in Arizona through the analysis of their tax filings.