PHOENIX, AZ (STL.News) In partnership with the Arizona Legislature, Governor Doug Ducey deposited $759 million of the American Rescue Plan in the Unemployment Insurance Trust Fund to further protect Arizona’s job creators from a tax increase while ensuring that resources are there for those who need them.
“Small businesses are the backbone of Arizona’s booming economy, and we’re committed to protecting them from a tax increase,” said Governor Ducey. “They create jobs and support our communities, and it’s crucial that we don’t let massive tax hikes run them out of business. I’m grateful to the Legislature for their partnership to deposit funds into the Unemployment Insurance Trust Fund and help small businesses across the state thrive for years to come.”
The Governor’s deposit is in addition to the $62 million deposited this session by the Legislature. The combined investment guarantees businesses in Arizona will not face a tax increase and protects the health of Arizona’s UI Trust Fund. Without this investment, businesses in Arizona would face a tax increase.