ARIZONA HOUSE OF REPRESENTATIVES Fifty-sixth Legislature First Regular Session
	Senate: APPROP DP 5-4-1-0 | MAPS DPA 7-0-0-0 | 3^rd Read 16-12-2-0

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SB 1244: appropriations; crime victim notification fund

S/E: tax credit extension; affordable housing

Sponsor: Senator Kavanagh, LD 3

Committee on Appropriations

Summary of the Strike-Everything Amendment to SB 1244

Overview

Increases the Affordable Housing Tax Credit (AHTC) allocation to $10,000,000 and extends the repeal deadline to December 31, 2036.

History

The Department of Housing is required to procedurally evaluate affordable housing projects that comply under Section 42 of the Internal Revenue Code to qualify for the Tax Credit. ADOH allocates $4,000,000 of tax credits to taxpayers owning investments on qualifying affordable housing projects. The Department of Revenue and the Insurance and Financial and Institutions ADOH may adopt rules and procedures to administer the Tax Credit. (A.R.S. § 41-3954). According to Law 2021, Chapter 430, the AHTC is to be repealed from statute on December 31, 2025.

Provisions

1. Continues the $4,000,000 AHTC cap through the 2023 tax year. (Sec. 1)

2. Increases the AHTC cap to $10,000,000 beginning tax year 2024. (Sec. 1)

3. Extends the repeal deadline for the following AHTC sections of law:

a) Premium tax; reports;

b) Affordable housing tax credit; limit; eligibility statement; rules; public hearings; annual report; definitions;

c) Affordable housing tax credit review committees; reports; and

d) AHTC for individual and corporate income tax (Sec. 3, 4, 5, 6)

4. Makes technical changes. (Sec. 3, 4, 5, 6, 7)

5. Makes conforming changes. (Sec. 7)

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9.                   SB 1244

10. Initials AF/LV        Page 0 Appropriations

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