This bill proposes several updates to current Arizona tax statutes, specifically regarding the introduction of an education opportunity tax credit. The bill would amend sections 43-222 and 43-323, and add section 43-1073.02 to Title 43, Chapter 10 of the Arizona Revised Statutes. The new provisions would establish eligibility criteria for the tax credit, define a "qualifying child," and specify the credit amounts based on the child's school enrollment status. The credit would be available for taxable years beginning after December 31, 2025, and would allow taxpayers to receive a refund if the credit exceeds their tax liability.

Additionally, the bill mandates the Department of Revenue to create simplified tax forms for claiming the education opportunity tax credit and to consult with the Department of Education to verify eligibility. It also requires the Joint Legislative Income Tax Credit Review Committee to review the credit in specific years. The bill removes outdated language and makes technical adjustments to ensure clarity and compliance with the new provisions. Overall, these changes aim to enhance educational choices for families 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