A. Subject to the conditions prescribed by this section, a credit is allowed against the taxes imposed by this chapter for a taxable year for taxpayers whose Arizona adjusted gross income, plus the amount subtracted for exemptions under section 43-1023 and the amount subtracted for Arizona small business gross income under section 43-1022, paragraph 28, is:

1. 1. $20,000 or less in the case of a married couple filing a joint return with not more than one dependent or a single person who is a head of a household with not more than one dependent.
2. 2. $23,600 or less in the case of a married couple filing a joint return with two dependents.
3. 3. $27,300 or less in the case of a married couple filing a joint return with three dependents.
4. 4. $31,000 or less in the case of a married couple filing a joint return with four or more dependents.
5. 5. $20,135 or less in the case of a single person who is a head of a household with two dependents.
6. 6. $23,800 or less in the case of a single person who is a head of a household with three dependents.
7. 7. $25,200 or less in the case of a single person who is a head of a household with four dependents.
8. 8. $26,575 or less in the case of a single person who is a head of a household with five or more dependents.
9. 9. $10,000 or less in the case of a single person or a married person filing separately.

B. The amount of the credit is equal to $40 for each person who is a resident of this state and who is either the taxpayer, the taxpayer's spouse who does not file a return or a dependent but may not exceed:

1. 1. $240 in the case of a married couple filing a joint return or a single person who is a head of a household.
2. 2. $120 in the case of a single person or a married couple filing separately.
3. 3. For any taxpayer, the amount of taxes due under this chapter for the taxable year.