This bill proposes to amend current statutes regarding taxation in Arizona by increasing the business personal property tax exemption from $207,366 to $500,000, effective January 1, 2026. Additionally, it extends the authorized uses for contributions made under the Public School Extracurricular Activity Fees Tax Credit until June 30, 2029, retroactive to June 29, 2024. The authorized uses include the acquisition of specified capital items, community school meal programs, student consumable health care supplies, and playground equipment.

The bill also includes technical changes and specifies that the amendments to Section 42-11127 will take effect on December 31, 2025, while the changes to Section 43-1089.01 will apply retroactively from June 28, 2024. Overall, the bill aims to enhance financial support for public schools and increase the tax exemption for business personal property, thereby impacting both educational funding and business taxation in Arizona.

Statutes affected:
Introduced Version: 42-11127, 43-1089.01, 42-12002, 42-12001