Vote Smart's Synopsis:

Vote to pass a bill that amends tax credit laws for affordable housing.

Highlights:

• Establishes a low-income housing tax credit against the premium housing tax for properties that meet the eligibility criteria established by the Arizona Department of Housing (Sec. 1).

• Specifies that the credit must be equal to at least 50% of the federal low-income housing tax credit for the same project (Sec. 1).

• Specifies that the taxpayer must submit an eligibility statement and complete the required documentation before being considered for a credit under this section (Sec. 1).

• Specifies that if the amount of the credit allocated under this section exceeds the taxpayer’s state premium tax liability, the leftover credit may be carried forward for a maximum of 5 consecutive years (Sec. 1).

• Requires that any project considered eligible for said credit must also be eligible for the Internal Revenue Service federal low-income housing tax credit (Sec. 2).

• Appropriates $8,000,000 of tax credits for each calendar year (Sec. 2).

• Establishes the sunset date for this credit as of December 31, 2028 (Sec. 2).

Full Bill Text