SB 1244
Initials AF/LV Page 1 Appropriations
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
First Regular Session
Senate: APPROP DP 5-4-1-0 | MAPS DPA 7-0-0-0 | 3
rd
Read 16-12-2-0
SB 1244: appropriations; crime victim notification fund
S/E: tax credit extension; affordable housing
Sponsor: Senator Kavanagh, LD 3
Committee on Appropriations
Summary of the Strike-Everything Amendment to SB 1244
Overview
Increases the Affordable Housing Tax Credit (AHTC) allocation to $10,000,000 and extends the
repeal deadline to December 31, 2036.
History
The Department of Housing is required to procedurally evaluate affordable housing projects that
comply under Section 42 of the Internal Revenue Code to qualify for the Tax Credit. ADOH
allocates $4,000,000 of tax credits to taxpayers owning investments on qualifying affordable
housing projects. The Department of Revenue and the Insurance and Financial and Institutions
ADOH may adopt rules and procedures to administer the Tax Credit. (A.R.S. § 41-3954).
According to Law 2021, Chapter 430, the AHTC is to be repealed from statute on December 31,
2025.
Provisions
1. Continues the $4,000,000 AHTC cap through the 2023 tax year. (Sec. 1)
2. Increases the AHTC cap to $10,000,000 beginning tax year 2024. (Sec. 1)
3. Extends the repeal deadline for the following AHTC sections of law:
a) Premium tax; reports;
b) Affordable housing tax credit; limit; eligibility statement; rules; public hearings; annual
report; definitions;
c) Affordable housing tax credit review committees; reports; and
d) AHTC for individual and corporate income tax (Sec. 3, 4, 5, 6)
4. Makes technical changes. (Sec. 3, 4, 5, 6, 7)
5. Makes conforming changes. (Sec. 7)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note