This bill proposes several updates to the Arizona Revised Statutes concerning affordable housing tax credits. It modifies the allocation criteria for 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 limits for tax credits, increasing the total from $4,000,000 to $10,000,000 for calendar 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 certain sections of the Arizona Revised Statutes from December 31, 2025, to December 31, 2030, ensuring that the provisions related to premium tax credits and income tax credits for qualified projects remain in effect for a longer period. The bill also clarifies that the repeal of these sections does not affect the issuance or redemption of tax credits for projects that receive reservations before the new repeal date.

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