This month’s update includes information about two tax propositions that were filed for placement on the November ballot, the State Board of Accountancy’s summary of changes related to new legislation, the Board’s plan to change some rules and an ASCPA PAC update.
Tax Propositions Filed for November Ballot
Two petitions related to tax propositions were recently filed with the Secretary of State for placement on the November 6, 2018 ballot and could impact Arizona taxes.
The Citizens for Fair Tax Policy Committee filed what they report is 406,353 petition signatures for the Protect Arizona Taxpayers Act (225,963 valid signatures are required to make it onto the ballot). The Arizona Secretary of State has 20 days to complete petition processing, at which point the counties will have 15 business days for signature verification. After the verification process is complete, the Secretary of State has three days to determine if the initiative qualifies for the ballot.
The Invest in Education Committee reports filing about 270,000 petition signatures (of which 150,642 must be valid) for the Invest in Ed proposition, which proposes to tax the top one percent of Arizona taxpayers to put more money into the state’s classrooms. Individuals with taxable income more than $250,000 and couples who file jointly with taxable income of more than $500,000 will pay tax at a higher rate.
CPAs with their email address on file with the Arizona State Board of Accountancy received this summary of changes to Board statutes. As you know, the Society worked closely with the Board and Senator Yee on these changes, effective August 3, 2018.
The Board’s rule packet has been approved to move forward and will include CPE reciprocity, the allowance of some nano-learning and other items. If all proceeds as intended, the rule changes would be effective sometime in 2019. We will keep you updated as more information is available.
ASCPA PAC Update
With primary elections just around the corner, leaders of the profession are responding to the Society’s request for PAC contributions so we can continue to contribute to legislators who support issues that matter to CPAs. We appreciate their support and encourage you to invest in the profession with a contribution to our PAC.