AZ HB2315

Adds a new income tax subtraction for qualifying taxpayers who lost their primary residence through foreclosure or voluntary surrender in lieu of foreclosure, allowing them to deduct a percentage of rent paid on their replacement residence based on household income levels (50% for incomes $0-$10,000 down to 0% for incomes over $100,001).

Limits the rent subtraction to taxpayers who experienced foreclosure or voluntary surrender within 36 months preceding the last day of the taxable year.

Applies the new subtraction retroactively to taxable years beginning after December 31, 2011.

Includes a conditional repeal provision requiring the directors of the joint legislative budget committee and governor's office of strategic planning and budgeting to notify the legislature when the household foreclosure rate drops below 1% for any three-month period within six consecutive months; section 43-1026 repeals automatically on December 31 occurring at least 24 months after such notification.