Arizona HB2804 establishes a rural development and housing tax credit for affordable housing projects in rural areas.

Arizona HB2804 creates a tax credit for affordable housing projects in rural areas with populations under 800,000. The credit applies to projects that qualify for the federal low-income housing tax credit. Taxpayers can claim the credit by submitting an eligibility statement from the Arizona Department of Housing. The credit amount is determined by the Department of Revenue and can be allocated among partners, members, or shareholders. The credit is subject to recapture if the federal credit is recaptured.

Arizona HB2804 establishes a rural development and housing tax credit for affordable housing projects in rural areas.

Arizona HB2804 creates a tax credit for affordable housing projects in rural areas with populations under 800,000. The credit applies to projects that qualify for the federal low-income housing tax credit. Taxpayers can claim the credit by submitting an eligibility statement from the Arizona Department of Housing. The credit amount is determined by the Department of Revenue and can be allocated among partners, members, or shareholders. The credit is subject to recapture if the federal credit is recaptured.