Arizona 2025 Regular Session

Arizona Senate Bill SB1080

Introduced

1/15/25

Caption

Tax credit review committee; standard

Impact

The bill impacts state tax laws significantly by formalizing the processes used to review tax credits—a procedure previously lacking a coherent structure. By imposing a systematic review, the committee aims to evaluate whether tax credits contribute beneficially to the state, particularly regarding economic development, job creation, and retention. The requirement for regular reviews every five years means that the metric for assessing tax credits is changed, potentially leading to amendments or repeals based on the findings of the review committee.

Summary

SB1080 establishes the Joint Legislative Income Tax Credit Review Committee in Arizona, tasked with the evaluation of existing tax credits. The committee comprises members from both the House of Representatives and the Senate, ensuring a balanced political representation. The bill sets a standard to assess these tax credits based on their original purpose and effectiveness in achieving economic benefits. This includes analyzing the estimated revenue impact and determining whether adequate protections are in place to manage future revenue spikes related to these credits.

Contention

Notable points of contention surrounding SB1080 include concerns over the adequacy of protections for tax credits that could impact vulnerable sectors or specific industries. Critics may argue that rigorously evaluating and possibly cutting tax credits could have unwanted repercussions on job retention and economic growth, especially for businesses that have come to rely on these financial incentives. Additionally, there could be debates regarding the political composition of the committee and whether it can fairly represent diverse economic viewpoints, thus influencing overall business and economic policy in Arizona.

Latest SB1080 Activity

Companion Bills

No companion bills found.

Similar Bills

NJ AR96

Changes membership of Budget and Labor Committees; clarifies that bill or resolution may be listed on committee agenda for purposes of amendment.

MI HB4870

Campaign finance: contributions and expenditures; funds donated to a candidate for recall efforts; require candidate to establish a separate account used for recall purposes. Amends secs. 3, 11, 12, 21, 24 & 52 of 1976 PA 388 (MCL 169.203 et seq.) & adds sec. 21b.

MI HB4326

Campaign finance: contributions and expenditures; provision related to officeholders raising funds when facing a recall; modify, and require candidate to establish a separate account used for recall purposes. Amends secs. 3, 11, 12, 21, 24 & 52 of 1976 PA 388 (MCL 169.203 et seq.) & adds sec. 21b.

MN HC6

A concurrent resolution recognizing wild rice as sacred and central to the culture and health of Indigenous Peoples in Minnesota and critical to the health and identity of all Minnesota citizens and ecosystems and establishing a commitment to passing legislation to protect wild rice and the freshwater resources upon which it depends.