AZ SB1048

Creates a new tax credit under section 43-1089.04 allowing S corporation stockholders to claim pro rata shares of contributions made by their business to school tuition organizations, with carryforward provisions for unused credits up to five years.

Amends sections 43-1183 and 43-1184 to explicitly include S corporation stockholders alongside corporate partners in partnerships when claiming pro rata shares of school tuition organization contribution credits.

Adds a new operational requirement prohibiting school tuition organizations from awarding scholarships to students simultaneously enrolled in both district/charter schools and qualified schools.

Amends section 43-1021 to allow deduction additions for contributions to school tuition organizations for which a credit is claimed under the new section 43-1089.04.

Applies retroactively to taxable years beginning after December 31, 2013.