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HB 2732 - Increases Low-Income Housing Tax Credits by $8 Million - Arizona Key Vote

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Title: Increases Low-Income Housing Tax Credits by $8 Million

Vote Smart's Synopsis:

Vote to pass a bill that increases low-income housing credits by $8 million.

Highlights:

 

  • Specifies that a taxpayer will be allowed a credit imposed by this act from the Arizona Department of Housing equal to at least 50 percent of the federal low-income level (Sec. 1).

  • Requires individual taxpayers submit their premium tax returns on an eligibility statement to the Arizona Department of Insurance and Financial Institutions which will then be reviewed by the Affordable Housing Tax Credit Review Committee, in order to claim a tax credit under this act (Sec. 1).

  • Exempts a taxpayer that claims a tax credit against a state premium tax liability from being required to pay any additional retaliatory tax imposed as a result of claiming the tax credit (Sec. 1).

  • Appropriates $8 million in tax credits to the Department of Housing for low-income taxpayers (Sec. 2).

  • Requires the Department of Housing to prescribe forms, procedures, and criteria for applying, evaluating, and qualifying for the tax credit under this act (Sec. 1).

  • Specifies that the Affordable Housing Review Committee will be made up of the following members, including (Sec. 4):

    • 3 members appointed by the governor with no more than 2 being from the same political party;

    • 3 members appointed by the president of the senate with no more than 2 being from the same political party; and

    • 3 members appointed by the speaker of the house with no more than 2 being from the same political party.

  • Prohibits members of the committee from receiving compensation but will be eligible to receive reimbursements (Sec. 4).

Title: Increases Low-Income Housing Tax Credits by $8 Million

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