This bill proposes several updates to the Arizona Revised Statutes regarding income tax credits, specifically by adding a new section, 43-1073.02, and modifying existing sections. The bill introduces a new income tax credit for taxpayers with qualifying children, allowing $2,000 for single individuals or heads of households and $4,000 for married couples filing jointly. It also establishes criteria for eligibility, including residency requirements and income thresholds based on the federal poverty level, which will determine the percentage reduction of the credit amount. Additionally, the bill mandates that taxpayers maintain documentation to verify eligibility for the credit.

The bill also makes specific deletions and insertions to existing statutes. It removes references to section 43-1075 and 43-1165, while adding section 43-1073.02 to the list of applicable sections for tax credits. Furthermore, it expands the eligibility for credits by including the new section in the list of credits that taxpayers can elect not to file for. Overall, the proposed changes aim to enhance support for families and encourage childbirth by providing financial incentives through tax credits.

Statutes affected:
Introduced Version: 43-222, 43-323, 43-1073.02, 43-1079.01, 43-1088, 43-1089.04, 43-1167.01, 43-1175, 43-1072.02, 43-1074.02, 43-1075, 43-1076.01, 43-1077, 43-1078, 43-1083, 43-1083.02, 43-1162, 43-1164.03, 43-1183, 43-1073, 43-1082, 43-1085, 43-1086, 43-1089, 43-1089.01, 43-1089.02, 43-1089.03, 43-1164, 43-1165, 43-1181, 43-1074.01, 43-1168, 43-1170, 43-1178, 43-1073.01, 43-1081.01, 43-1083.03, 43-1084, 43-1164.04, 43-1164.05, 43-1184, 43-1012, 43-1041, 43-1072, 43-1072.01, 43-1021, 43-1022, 43-1023, 43-309