Arizona 2025 Regular Session

Arizona Senate Bill SB1080 Compare Versions

Only one version of the bill is available at this time.

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1	1	REFERENCE TITLE: tax credit review committee; standard State of Arizona Senate Fifty-seventh Legislature First Regular Session 2025 SB 1080 Introduced by Senators Shamp: Gowan AN ACT amending section 43-221, Arizona Revised Statutes; relating to income tax credit review. (TEXT OF BILL BEGINS ON NEXT PAGE)
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11	11	REFERENCE TITLE: tax credit review committee; standard
12	12	State of Arizona Senate Fifty-seventh Legislature First Regular Session 2025
13	13	SB 1080
14	14	Introduced by Senators Shamp: Gowan
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16	16	REFERENCE TITLE: tax credit review committee; standard
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66	66	AN ACT
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70	70	amending section 43-221, Arizona Revised Statutes; relating to income tax credit review.
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76	76	(TEXT OF BILL BEGINS ON NEXT PAGE)
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80	80	Be it enacted by the Legislature of the State of Arizona: Section 1. Section 43-221, Arizona Revised Statutes, is amended to read: START_STATUTE43-221. Joint legislative income tax credit review committee; report A. The joint legislative income tax credit review committee is established consisting of the following members: 1. Five members of the house of representatives ways and means committee appointed by the speaker of the house of representatives. Not more than three appointees shall be of the same political party. 2. Five members of the senate finance committee appointed by the president of the senate. Not more than three appointees shall be of the same political party. B. The committee shall determine the original purpose of existing tax credits and establish a standard for evaluating and measuring the success or failure of the tax credits. The standard for evaluating tax credits: 1. shall include: (a) The estimated revenue impact of the credit. (b) whether adequate protections are in place to ensure the revenue impact of the credit in future years does not substantially increase beyond the estimated revenue impact of the credit provided for the review. 2. May include: 1. (a) The history, and rationale and estimated revenue impact of the credit. 2. (b) Whether the credit has provided a benefit to this state including, for corporate tax credits, measurable economic development, new investments, creation of new jobs or retention of existing jobs in this state. 3. (c) Whether the credit is unnecessarily complex in the application, administration and approval process. C. The committee shall review the individual and corporate income tax credits pursuant to the schedule prescribed in section 43-222. The committee shall use the joint legislative budget committee staff and may use the staff of the department of revenue and legislative council for assistance. D. After completing the review process, the committee shall determine whether the credit should be amended, repealed or retained. If the credit is recommended to be retained or amended, the committee shall recommend that the credit be returned to the income tax credit review schedule prescribed in section 43-222. The next review year shall be the fifth full calendar year following the date the credit was reviewed. The committee shall report its findings and recommendations to the president of the senate, the speaker of the house of representatives and the governor by December 15 of the year that the committee reviews the credit. The committee shall provide a copy of the report to the secretary of state. END_STATUTE
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82	82	Be it enacted by the Legislature of the State of Arizona:
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84	84	Section 1. Section 43-221, Arizona Revised Statutes, is amended to read:
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86	86	START_STATUTE43-221. Joint legislative income tax credit review committee; report
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88	88	A. The joint legislative income tax credit review committee is established consisting of the following members:
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90	90	1. Five members of the house of representatives ways and means committee appointed by the speaker of the house of representatives. Not more than three appointees shall be of the same political party.
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92	92	2. Five members of the senate finance committee appointed by the president of the senate. Not more than three appointees shall be of the same political party.
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94	94	B. The committee shall determine the original purpose of existing tax credits and establish a standard for evaluating and measuring the success or failure of the tax credits. The standard for evaluating tax credits:
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96	96	1. shall include:
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98	98	(a) The estimated revenue impact of the credit.
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100	100	(b) whether adequate protections are in place to ensure the revenue impact of the credit in future years does not substantially increase beyond the estimated revenue impact of the credit provided for the review.
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102	102	2. May include:
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104	104	1. (a) The history, and rationale and estimated revenue impact of the credit.
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106	106	2. (b) Whether the credit has provided a benefit to this state including, for corporate tax credits, measurable economic development, new investments, creation of new jobs or retention of existing jobs in this state.
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108	108	3. (c) Whether the credit is unnecessarily complex in the application, administration and approval process.
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110	110	C. The committee shall review the individual and corporate income tax credits pursuant to the schedule prescribed in section 43-222. The committee shall use the joint legislative budget committee staff and may use the staff of the department of revenue and legislative council for assistance.
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112	112	D. After completing the review process, the committee shall determine whether the credit should be amended, repealed or retained. If the credit is recommended to be retained or amended, the committee shall recommend that the credit be returned to the income tax credit review schedule prescribed in section 43-222. The next review year shall be the fifth full calendar year following the date the credit was reviewed. The committee shall report its findings and recommendations to the president of the senate, the speaker of the house of representatives and the governor by December 15 of the year that the committee reviews the credit. The committee shall provide a copy of the report to the secretary of state. END_STATUTE