This bill proposes updates to the Arizona Revised Statutes regarding the Affordable Housing Tax Credit. Specifically, it clarifies 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 that are otherwise permitted by law.

The bill also makes technical amendments to the existing statutes, including the removal of the term "exemption" from the language regarding property tax eligibility for qualified projects. The overall intent is to reinforce the ineligibility of these projects for property tax reductions while providing clarity on how their valuation is treated under the law. If enacted, these changes would take effect on the general effective date.

Statutes affected:
Introduced Version: 41-3954