Legislative budget analysts say the federal budgetary “fiscal cliff” may have a bright side for the Arizona state treasury, at least in the short term.

The joint Legislative Budget Committee staff says it appears that investors and companies are taking steps to respond to the possibility of higher federal income tax rates in January.

Those steps include locking in capital gains now and paying higher dividends in the last quarter of 2012.

According to the analysts, that could substantially increase personal income in the 2012 tax year and produce higher income tax collections for the state in April.

However, the analysts say a downside would be lower than expected income liability in future years.