Ariz. revenues jump in April, 1-time shift likely
Arizona revenues jump 17 percent in April, likely caused by 1-time shift of income into 2012
PHOENIX (AP) -- State revenues jumped 17 percent in April from the previous year but Arizona budget officials say the increase is likely due to taxpayers fleeing higher taxes this year.
The Joint Legislative Budget Committee report released Monday says taxpayers likely moved income into the 2012 tax year because they were worried about higher taxes this year. The state saw a 28 percent increase in individual income tax payments this April and a $140 million jump in revenue.
Taxpayers were worried about the Bush-era tax cuts expiring and the start of the Affordable Care Act income tax surcharges in 2013.
The state could see lower revenue next April because of the shift.
The state has seen revenue increase by more 5.6 percent so far this budget year.