taxation; omnibus; 2026-2027
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
House Bill 4168 proposes significant changes to Arizona's tax laws, often referred to as an ‘omnibus’ bill, covering several years. It adjusts insurance premium taxes, introduces a new tax on vehicle premiums, modifies tax exemptions for certain groups like veterans and people with disabilities, and updates provisions related to the internal revenue code. The bill aims to modernize tax structures and potentially shift revenue streams within the state.
Key provisions
- Increases the tax on vehicle premiums by 0.4312 percent, with proceeds dedicated to the Arizona highway patrol.
- Adjusts insurance premium tax rates for different types of insurance (fire, disability, health, and other), with rates varying based on location and year.
- Expands property tax exemptions for veterans with disabilities and widows/widowers.
- Updates the definition of the ‘internal revenue code’ to align with federal legislation.
- Modifies how fire insurance tax revenue is allocated to municipalities and fire districts.
- Introduces a premium tax credit system for certain insurance companies.
- Establishes reporting requirements for insurers regarding premium tax payments.
- Adjusts the calculation of income tax exemptions for individuals with disabilities and surviving spouses.
Who is affected
- Insurance companies
- Vehicle owners
- Veterans and their families
Bill text
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Sponsors
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5 on record
Primary sponsor
Cosponsors
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