This bill introduces a new tax credit for capital investments made to rural funds, effective for taxable years beginning after December 31, 2024. The credit is calculated based on the purchase price paid to the rural fund and requires certification from the Arizona Commerce Authority. Taxpayers, including insurers, can claim this credit, which can be carried forward for up to five years if it exceeds their tax liability. The bill also establishes a framework for the Arizona Commerce Authority to evaluate and approve applications for these investments, including specific requirements for applicants.
Additionally, the bill allows co-owners of a business, such as partners and shareholders, to claim a pro rata share of the tax credit based on their ownership interests, with the total credits not exceeding what a sole owner would receive. The Arizona Commerce Authority and the department will work together to create rules and forms for administering the credit. Overall, the bill aims to stimulate economic growth in rural areas by attracting new businesses and creating jobs.
Statutes affected: Introduced Version: 20-224, 20-224.08, 41-1515, 42-2003, 43-222, 43-1080, 43-1166, 20-206, 9-951, 35-146, 35-147, 20-837, 20-1010, 20-1060, 9-952, 9-972, 20-1566, 20-224.01, 20-1097.07, 20-224.03, 20-224.04, 20-224.06, 20-224.07, 20-224.05, 20-416, 43-302, 4-101, 42-2002, 42-1101, 42-12006, 43-1083.03, 43-1164.04, 41-1512, 41-1517, 41-1519, 43-1082, 43-1165, 32-1164, 12-821.01, 36-2806, 5-401, 42-1124, 42-3401, 42-6002, 9-500.39, 11-269.17, 42-5029, 43-221, 42-2001, 42-1122, 46-291, 42-5031, 44-7101, 44-7111, 42-1103.02, 42-1125.01, 43-419, 42-5001, 42-5032.02, 42-5076, 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, 43-1085, 43-1086, 43-1089, 43-1089.01, 43-1089.02, 43-1089.03, 43-1164, 43-1181, 43-1074.01, 43-1168, 43-1170, 43-1178, 43-1073.01, 43-1081.01, 43-1084, 43-1164.05, 43-1184