Bill > HB2804

This bill establishes a new tax credit program in Arizona to incentivize the development of affordable housing in rural areas, defined as counties with fewer than 800,000 residents. The program, administered by the Arizona Department of Housing, allows taxpayers to claim credits against their premium tax (paid by insurance companies) or income tax if they invest in "qualified projects" that also qualify for federal low-income housing tax credits. These state tax credits are intended to make these rural housing projects economically feasible and can be allocated among investors in a project, with unused credits potentially carried forward for up to five years. The bill also includes provisions for recapture of the credit if the federal low-income housing tax credit is recaptured, and it mandates that the Arizona Department of Housing report annually on the program's impact. The new tax credits are set to expire on December 31, 2036, but existing credits issued before that date will still be honored.

Budget and Finance, Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/84647