The proposed bill introduces a new individual income tax credit for Arizona taxpayers who pay residential rent for at least 30 days and have a federal adjusted gross income of $70,000 or less for single individuals or $140,000 or less for married couples filing jointly or heads of households. The credit amount will be determined as per subsection F, and if the credit exceeds the taxpayer's income tax liability, the excess will be refunded in the same manner as other tax refunds, subject to setoff provisions.

Additionally, the bill outlines that married couples filing separately can each claim half of the credit that a joint return would have allowed. The Arizona Department of Revenue is tasked with providing appropriate forms and instructions for claimants, who are not required to file an income tax return if they have no tax liability and do not meet the filing requirements. Property owners must provide tenants with a statement of the transaction privilege tax paid on residential rent by the end of each taxable year. The bill also amends the schedule for reviewing certain tax credit sections, adding section 43-1072.03 to the list for years ending in 3 and 8.

Statutes affected:
Introduced Version: 43-222, 43-1072.03, 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