SB1244, as passed by the Arizona Senate, originally allocated funds to the Law Enforcement Crime Victim Notification Fund and the State Treasurer for FY 2024. However, the House of Representatives amended the bill with a strike-everything amendment, changing its focus to the Affordable Housing Tax Credit (Credit).

The amended bill clarifies that the property valuation of a project qualifying for the Credit, when using the owner-elected statutory income-based valuation method, is not considered a reduction in state or local property taxes for the purposes of the Credit. Additionally, it specifies that a qualified project approved for the Credit is ineligible for any abatement or other reduction in state or local ad valorem property taxes, removing the previous language that included exemptions or reductions otherwise allowed by statute. The bill becomes effective on the general effective date.

Statutes affected:
Introduced Version: 41-180
Senate Engrossed Version: 41-180
House Engrossed Version: 41-3954