This bill proposes several updates to current statutes regarding affordable housing tax credits in Arizona. It modifies the allocation of tax credits by removing the requirement that the amount be "at least fifty percent of the amount of the federal low-income housing credit" and instead allows the department to determine the necessary amount for the economic feasibility of the qualified project. Additionally, the bill establishes new allocation totals for tax credits, increasing the annual limit from $4,000,000 to $10,000,000 for the years 2026 through 2030, and specifies that credits allocated in 2026 cannot be claimed until the federal fiscal year beginning October 1, 2027.

Furthermore, the bill extends the repeal date for several sections of the Arizona Revised Statutes related to tax credits from December 31, 2025, to December 31, 2030. It clarifies that the repeal of these sections does not affect the issuance or redemption of tax credits for qualified projects that receive reservations before the new repeal date. Overall, the bill aims to enhance the framework for affordable housing tax credits, making it more flexible and potentially more beneficial for developers and the housing market.

Statutes affected:
Introduced Version: 20-224.04, 41-3954, 43-1075, 43-1163, 20-224, 20-837, 20-1010, 20-1060, 20-1097.07, 20-230, 43-105