This bill proposes several updates to current statutes regarding tax expenditures in Arizona. It replaces references to "income tax credits" with "tax expenditures" throughout the relevant sections, reflecting a broader scope of review that includes various forms of tax exemptions and deductions. The bill establishes that the joint legislative tax expenditure review committee will evaluate transaction privilege and use tax expenditures using the same standards as those for income tax credits, determining whether they should be amended, retained, or repealed. Additionally, it mandates that the committee report its findings by December 15 each year and adopt a ten-year review schedule for these expenditures.

Furthermore, the bill clarifies the definition of "tax expenditure" to encompass any provision that exempts individuals or entities from established taxes, including various forms of deductions and credits. It also outlines a new review schedule for specific tax expenditures based on the year they are enacted, ensuring a systematic approach to evaluating their effectiveness. The updates aim to enhance transparency and accountability in the state's tax expenditure policies, ultimately leading to more informed legislative decisions.

Statutes affected:
Introduced Version: 42-2003, 42-5046, 43-221, 43-222, 43-223, 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, 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, 42-5061, 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, 43-1163, 43-1074, 43-1161