The proposed bill amends Arizona's individual income tax credit laws by adding a new section, 43-1072.03, which introduces a tax credit for taxpayers who pay residential rent for at least thirty days and have a federal adjusted gross income of $70,000 or less for single individuals, or $140,000 or less for married couples filing jointly or heads of household. The bill specifies that if the credit exceeds the taxpayer's income tax liability, the excess amount will be refunded, and it also allows couples who file separately to claim half of the credit they would have received if they filed jointly.

Additionally, the bill requires property owners who rent residential properties for at least thirty days to provide tenants with a statement detailing the transaction privilege tax paid on their rent during the taxable year. This new requirement aims to enhance transparency regarding tax obligations related to residential rentals. Overall, the bill introduces new tax credits and administrative requirements that differ from the current law, which does not include these specific provisions for residential rent payments.

Statutes affected:
Introduced Version: 43-222, 43-1072.03, 43-1079.01, 43-1088, 43-1089.04, 43-1167.01, 43-1175, 43-1072.02, 43-1074.02, 43-1075, 43-1076.01, 43-1077, 43-1078, 43-1083, 43-1083.02, 43-1162, 43-1164.03, 43-1183, 43-1073, 43-1082, 43-1085, 43-1086, 43-1089, 43-1089.01, 43-1089.02, 43-1089.03, 43-1164, 43-1165, 43-1181, 43-1074.01, 43-1168, 43-1170, 43-1178, 43-1073.01, 43-1081.01, 43-1083.03, 43-1084, 43-1164.04, 43-1164.05, 43-1184