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, deductions, and allowances. 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 applied to income tax credits, and it mandates that the committee report its findings by December 15 each year following the review.

Additionally, the bill introduces a new definition of "tax expenditure" and outlines a ten-year review schedule for these expenditures, which will be adopted by the committee. It also specifies the review process for different tax expenditures based on the year they are enacted, ensuring a systematic approach to evaluating their effectiveness and necessity. Overall, the bill aims to enhance the oversight and accountability of tax expenditures in Arizona, streamlining the review process and expanding the committee's responsibilities.

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