TUCSON, Ariz. (KOLD News 13) - On Thursday, Nov. 5, Prop. 208, “The Invest in Education Act” passed with 52% of the vote.
The “YES” vote on Prop. 208 will impose a 3.5% income tax surcharge on taxable annual income over $250,000 for single persons or $500,000 for married persons filing jointly.
People earning an annual amount less than these annual quantities will not pay any more in taxes than the norm (4.5%).
Once effective, excise tax surcharges will increase for individuals making an annual income above the mark; combined with the current tax rate, taxable income will increase to 8%.
Money gathered from the new tax surcharge will allocate into a new fund used to hire and increase salaries for teachers and non-administrative support personnel, career training and higher education pathway programs for high school students and the Arizona Teacher’s Academy.
Moneys will first be distributed to pay for administrative costs in implementing and enforcing the new law, then as follows:
- 50% of the money will go to increase pay for “teachers” in Arizona, as described by state law.
- 25% of the money willl go to increase pay for “classroom support personnel”, as described by state law.
- 10% of the money will be used to mentor and retain new classroom teachers in their first, second and third year of teaching. Instructors paid with this revenue will not be assigned more than 15 students at a time.
- 12% will go to career training and workforce programs for students 9-12, including the development or expansion of programs tied to medium-to-high wage or high-demand careers.
- 3% will go to the Arizona Teachers Academy and increase the dollar amount of scholarships available through the academy.
According to Arizona’s legislation on revised statutes, “If an initiative wins approval of a majority of voters in the General Election, it becomes effective when the election results are proclaimed by the governor.”