AZ SB1442

Requires the director of the joint legislative budget committee to calculate and transmit a "truth in spending estimate" to legislative appropriations and finance committees by February 15 of each year, beginning in 2016.

Defines the truth in spending estimate as the current fiscal year's general fund appropriations plus all other appropriations, adjusted by the combined percentages of population growth and cost of living changes (using the GDP price deflator).

Mandates a joint truth in spending hearing before either chamber votes on a budget bill that exceeds the estimate, beginning in fiscal year 2016-2017.

Requires the legislature to issue a press release at least three days before the hearing, notifying taxpayers that the budget bill exceeds the spending estimate and informing them of the hearing date and committee that approved it.

Defines "budget bill" as the general appropriation bill for state departments, institutions, public schools, and public debt as specified in the Arizona Constitution.