AZ SB1317

Freezes the annual increase of the school tuition organization (STO) tax credit aggregate cap beginning in fiscal year 2016-2017, maintaining the cap at its previous year level instead of the prior 20% annual increase.

The combined aggregate cap for STO tax credits under this section and section 20-224.06 shall remain unchanged from fiscal year 2016-2017 forward, whereas it previously increased by 20% annually from fiscal year 2007-2008 through fiscal year 2015-2016.

Maintains existing requirements for taxpayer contributions including preapproval from the Department of Revenue before contributions can be made to certified school tuition organizations.

Requires a two-thirds vote affirmative in each house of the legislature for enactment and becomes effective immediately upon the governor's signature.