The bill SB1244 amends the Arizona Revised Statutes to clarify the treatment of property valuation for projects qualifying for the Affordable Housing Tax Credit. Specifically, it states that the property valuation of a project using the owner-elected statutory income-based valuation method does not constitute a reduction in state or local property taxes for the purposes of the tax credit. This change aims to ensure that such valuations are not interpreted as tax reductions, thereby maintaining the integrity of the tax credit system.

Additionally, the bill modifies the eligibility criteria for projects approved for the Affordable Housing Tax Credit by specifying that these projects are ineligible for any abatement or reduction in state or local ad valorem property taxes. The previous language included exemptions, which have now been removed. Overall, the bill seeks to provide clearer guidelines for the valuation and tax treatment of affordable housing projects, with no anticipated fiscal impact on the state General Fund.

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