AZ HB2219

Amends Arizona Revised Statutes section 41-1507 to modify the dollar limits for tax credit refunds related to increased research activity.

Increases the annual refund cap from $5 million to $10 million in calendar year 2015 and $15 million in calendar year 2016 and thereafter.

Implements a six-month allocation system where the first half of each calendar year is limited to 50% of the annual dollar limit, with remaining funds plus unused balance available in the second half on a first-come, first-served basis.

Maintains existing requirements that only taxpayers employing fewer than 150 full-time employees qualify for refunds, and requires applicants to include a processing fee equal to 1% of the tax credit being refunded.

Effective December 31, 2014.