AZ HB2592

Creates a universal regulatory tax credit allowing businesses and individuals to claim tax credits against income tax liability for expenses incurred complying with state regulations that do not protect health/safety or prevent fraud and impose substantially more economic costs than benefits.

Establishes a $200 minimum threshold for creditable expenses, with a maximum credit of $4,000 per claimant per taxable year, and annual aggregate caps of $400,000 for 2015-2016 and $800,000 beginning in 2017.

Requires the Governor's Regulatory Review Council to administer the program through an electronic claim form, with 60-day decision deadline on claims, and maintains a public register of approved and denied claims.

Allows approved credits to be carried forward up to five consecutive taxable years if they exceed current tax liability, and requires the credit amount to be debited against the appropriations of the state agency responsible for the regulation.

Appropriates $350,000 from the state general fund in fiscal year 2014-2015 to the Governor's Regulatory Review Council for administration, including four full-time equivalent positions.