This bill proposes significant updates to the 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 a new definition for "tax expenditure," encompassing any provision that exempts individuals or entities from established taxes, and mandates the joint legislative tax expenditure review committee to evaluate these expenditures based on specific criteria, including their economic impact and complexity.

Additionally, the bill introduces a structured review process for tax expenditures, requiring the committee to adopt a ten-year review schedule and report its findings annually by December 15. It also updates the specific years for reviewing various tax expenditures, ensuring a systematic approach to oversight. Overall, the bill aims to enhance transparency and accountability in the management of tax expenditures, moving beyond the previous focus solely on income tax credits.

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