AZ SB1146

Establishes a new tax credit for qualified taxpayers covering up to 50 percent of professional accounting or bookkeeping service expenses, with a maximum credit of $500 per taxable year.

Applies to taxable years beginning after December 31, 2014 through December 31, 2019, after which the credit automatically repeals.

Limits eligibility to "qualified taxpayers" who report business income or loss from a sole proprietorship on Schedule C of their federal income tax return.

Married couples filing separately may each claim only one-half of the credit that would have been allowed on a joint return.

Requires taxpayers claiming the credit to add back accounting and bookkeeping expense deductions when computing Arizona adjusted gross income.