AZ HB2156

Distributes 50% of transaction privilege tax (TPT) revenues collected from sources on Indian reservations to the respective Indian tribes each month for telecommunications infrastructure and community development projects including multipurpose buildings, infrastructure, and roads on the reservation.

Allows Indian tribes to use received TPT revenues for bonding or as collateral for loans to finance the eligible infrastructure and development projects.

Establishes a cap on TPT distributions to qualifying Indian tribes for community college support: maximum $1.75 million per single community college or 10% of TPT revenues from the reservation (whichever is less), and $875,000 or 5% for additional technical colleges (whichever is less).

Requires qualifying Indian tribes to enter into a compact with the state by September 1, 2012 to account for use of distributed monies, with compacts lasting at least ten years and subject to auditor general oversight.

Makes technical corrections to statutory language regarding municipal tax incentive penalties and percentage terminology in related statutes.