The bill introduces amendments to the Arizona Revised Statutes, specifically adding and amending sections related to income tax credits for the substantial rehabilitation of certified historic structures. The bill outlines the role of the state historic preservation officer in receiving applications, evaluating, and certifying rehabilitations for tax credit eligibility. It establishes a biannual schedule for application evaluation, with a portion of the annual tax credit dollar limit reserved for projects in smaller cities during the first period. The bill sets forth criteria for certification, including consistency with the Secretary of the Interior's standards, positive economic impact, a point-based grading system, and compliance with a restrictive covenant during a holding period.

The bill also details the application process, fees based on rehabilitation expenses, and the total annual aggregate amount of $30 million in tax credits available for qualifying projects, with an additional $30 million after 2033. It defines key terms such as "certified historic structure," "qualified rehabilitation expense," and "substantial rehabilitation." Tax credits can be claimed for 20% of qualified expenses, or 25% if the project is also a certified affordable housing project, and can be carried forward for ten years or transferred to other individuals. The bill prohibits claiming credits under both this section and another specified section.

Statutes affected:
Introduced Version: 41-882, 43-222, 43-1080, 43-1166, 41-511.02, 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