The proposed bill, if enacted, would amend current statutes regarding the Affordable Housing Tax Credit in Arizona. Specifically, it would clarify that the property valuation of a qualified project using the owner-elected statutory income-based valuation method is not considered a reduction in state or local property taxes for the purposes of the Credit. This change aims to ensure that projects qualifying for the Credit are not eligible for any property tax abatements, exemptions, or reductions, thereby reinforcing the existing eligibility criteria for tax credits.

Additionally, the bill would make technical changes to the language of the statute, including the removal of the term "exemption" from the current law and replacing it with a more precise definition regarding property tax valuation. The overall intent of these updates is to streamline the application of the Affordable Housing Tax Credit and clarify the tax implications for qualified projects, ensuring consistency in the treatment of property taxes under the law.

Statutes affected:
Introduced Version: 41-3954