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 that utilizes 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 negatively impact the tax credit allocation process.

Additionally, the bill would make technical changes to the existing language, including the removal of the term "exemption" from the eligibility criteria for qualified projects. The current statute states that a qualified project approved for the Credit is not eligible for any abatement, exemption, or other reduction in property taxes; the bill would streamline this by stating that the valuation method itself does not constitute a reduction in property taxes. Overall, these updates aim to enhance the clarity and effectiveness of the Affordable Housing Tax Credit program.

Statutes affected:
Introduced Version: 41-3954