AZ SB1041

Creates the "Invest Arizona" tax incentive program allowing businesses that relocate to or expand in Arizona to claim income tax credits of $3,000 per full-time employee for up to three years if they create at least 25 new jobs in cities with 50,000+ population or 15 jobs elsewhere.

Establishes property tax classification as "class six" for qualifying businesses that invest at least $5 million (large cities) or $1 million (other areas) and meet employment thresholds, effective through June 30, 2017.

Provides similar $3,000 per employee premium tax credits for insurers hiring new full-time employees in qualified positions meeting specified wage, health insurance, and residency requirements.

Requires businesses to report employment data to the Department of Commerce and Department of Revenue, with confidentiality protections for certain business information, and allows recapture of credits if certification is terminated or revoked within five years.

Allows unused income tax credits to be recovered as refunds from employee withholding taxes paid to the department, and requires annual reporting to the legislature on program effectiveness and fiscal impact by county.