HB2644 establishes tax credits for affordable housing projects in Arizona, including premium and income tax credits.
HB2644 creates tax credits to support the construction of affordable housing in Arizona. It allows taxpayers a credit against their premium and income taxes if the Arizona Department of Housing issues an eligibility statement for a qualified project. The credit amount is determined by the Department of Revenue. The bill also establishes an Affordable Housing Tax Credit Review Committee to assess the impact of the credits every three years. The tax credits are subject to recapture if the federal low-income housing tax credit is recaptured.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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