ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fifth Legislature

Second Regular Session

 


HB 2693: tax credit; charitable organizations; adjustment

Sponsor: Representative Toma, LD 22

Committee on Ways & Means

Overview

Requires the Department of Revenue (DOR) to adjust the dollar amounts for the tax credit for contributions to qualifying charitable organizations according to the average annual change in the metropolitan Phoenix consumer price index.

History

Current statute states that a credit is allowed against taxes for contributions made to a qualifying charitable organization. The current credit amount for contributions made to a qualifying charitable organization, not including qualifying foster care charitable organizations, is:

1)   $400 for a single individual or a head of household; or

2)   $800 for a married couple filing a joint return (A.R.S. § 43-1088).

A separate credit is allowed against taxes for contributions made to a qualified foster care charitable organization. The current credit amount for contributions made to a qualifying foster care charitable organization is:

1)   $500 for a single individual or a head of household; or

2)   $1,000 for a married couple filing a joint return (A.R.S. § 43-1088).

Provisions

1.   ☐ Prop 105 (45 votes)	     ☐ Prop 108 (40 votes)      ☐ Emergency (40 votes)	☐ Fiscal NoteInstructs DOR to adjust the dollar amounts for the tax credit for contributions to qualifying charitable organizations according to the average annual change in the metropolitan Phoenix consumer price index for taxable years beginning Jan 1, 2023. (Sec. 1)

2.   Establishes that the revised dollar amounts shall be raised to the nearest whole dollar. (Sec. 1)

3.   States that the dollar amounts may not be lower than the amounts for the previous taxable year. (Sec. 1)

4.   Makes conforming changes. (Sec. 1)

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8.                     HB 2693

9.   Initials VP/ES        Page 0 Ways & Means

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