income tax; additional rate; schools

SB 1800 establishes a new 2.6% income tax rate on earnings exceeding $1 million for high-income earners in Arizona, effective for taxable years beginning after December 31, 2026. Revenue from this tax is deposited into a dedicated K-12 infrastructure fund, specifically for repairing and renewing public school buildings, including systems like HVAC, plumbing, and electrical. The bill requires these funds to supplement - never replace - existing school construction budgets. Its goal is to ensure all public schools have safe, functional facilities meeting state learning standards, with the tax rate adjusted every five years based on median income tax data.