If enacted, this bill would amend current statutes regarding personal property exemptions in Arizona, specifically concerning federal and state Earned Income Tax Credits (EITCs) and Child Tax Credits. Under current law, only the refundable portion of these credits is exempt from debt collection actions. The bill proposes to expand this exemption to include all amounts received from federal or state EITCs and Child Tax Credits, thereby providing broader protection for individuals against debt collection processes.

Additionally, the bill would repeal the existing statute that limits the exemption to the refundable portion of these credits, making technical and conforming changes throughout the relevant sections. It would also adjust the exemption amounts for certain personal property, such as increasing the threshold for cash received by a surviving spouse or child from $20,000 to more than $20,000, and for prepaid rent and security deposits from $2,000 to more than $2,000. Overall, the bill aims to enhance the financial protections available to individuals receiving these tax credits.