Arizona 2023 Regular Session

Arizona Senate Bill SB1687

Caption

Tax credits; grants; reporting; repeal

Impact

With these amendments, the bill introduces more stringent preapproval requirements for applicants, offering tax incentives to businesses that create job opportunities and invest heavily in capital improvements. It also establishes compulsory reporting requirements for entities receiving grants, ensuring transparency in performance and expenditure. The expectation is that these measures will help to foster economic growth by incentivizing business expansion and investment in the state.

Summary

SB1687, titled the 'Tax Incentive Accountability and Reporting Act (TIARA)', amends various sections of the Arizona Revised Statutes to modify the provisions surrounding tax credits, grants, and reporting requirements. Specifically, it modifies the eligibility criteria for income tax credits for businesses that invest in qualified facilities and repeals previous sections that are deemed redundant or unnecessary. The act aims to streamline the process for businesses to apply for and receive tax credits while ensuring accountability in how these credits are reported and utilized.

Contention

The bill is expected to generate discussions regarding the balance between regulatory oversight and business incentives. While some stakeholders champion the envisioned economic development potential through these tax credits, others may question whether the stringent requirements for tax credit application and reporting are overly burdensome. Moreover, the repeal of certain sections could lead to concerns regarding lost benefits for specific industries or business models that previously qualified under older laws.

Companion Bills

No companion bills found.

Previously Filed As

AZ HB2809

STO; income tax credit; repeal

AZ SB1265

Investments; rural areas; tax credits

AZ HB2471

Rulemaking; legislative approval

AZ SB1213

Income tax; credit; labor costs

AZ SB1092

Income tax; currency transactions; effect

AZ SB1241

Tax credit; gray water systems

AZ SB1281

Central bank digital currency; ban.

AZ SB1497

Central bank digital currency; ban

AZ HB2879

Income tax credit; historic preservation

AZ HB2576

Affordable housing tax credits; extension.

Similar Bills

AZ HB2268

Income tax credits; repeal

AZ HB2271

Repeal; tax credits; grants; reporting

AZ HB2464

Income tax credits; repeal

AZ HB2427

Tax credits; grants; reporting; repeals

AZ HB2156

Tax credits; motion picture credits

AZ HB2471

Rulemaking; legislative approval

AZ SB1708

Motion picture production; tax credits

AZ SB1529

Municipal housing; preapproved design; annexation