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 changes to the existing language, including the removal of the term "exemption" from the eligibility criteria for property tax reductions. The current statute will remain unchanged in terms of the allocation of tax credits, which will still be based on the federal low-income housing tax credit guidelines. Overall, the bill seeks to reinforce the conditions under which affordable housing projects can receive tax credits while maintaining the integrity of property tax assessments.

Statutes affected:
Introduced Version: 41-3954