Bill > SB1466

This bill modifies Arizona law to establish a more structured review process for tax expenditures, which are essentially tax breaks like deductions, exemptions, and credits that reduce the amount of tax owed. It amends existing statutes to rename the "joint legislative income tax credit review committee" to the "joint legislative tax expenditure review committee" and expands its scope to include transaction privilege and use tax expenditures, in addition to income tax credits. The bill mandates that the committee review these tax expenditures on a ten-year schedule, assessing their original purpose, effectiveness, and complexity, and then reporting recommendations for amendment, retention, or repeal to legislative leadership and the governor. Furthermore, it requires that any new income tax credits enacted by the legislature include a specific review year and a purpose clause, and it also establishes a new section requiring the committee to create a ten-year review schedule for transaction privilege and use tax expenditures by December 15, 2026. The bill also makes minor adjustments to the existing provisions regarding the disclosure of confidential tax information.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/85054