If this bill were to become law, it 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 insertion aims to ensure that the valuation method does not impact the tax credit eligibility or the overall tax obligations of the property.

Additionally, the bill would modify the language concerning the eligibility of qualified projects for tax credits. It would specify that such projects are ineligible for any abatement or reduction in state or local ad valorem property taxes, removing the previous mention of exemptions. This change aims to streamline the language and reinforce the tax treatment of these projects under the Affordable Housing Tax Credit program. Overall, the bill seeks to provide clarity and consistency in the application of tax credits for affordable housing projects.

Statutes affected:
Introduced Version: 41-3954