AZ HB2062

Modifies the tax credit cap for contributions to school tuition organizations (STOs) by adding a limitation that the aggregate dollar amount cannot exceed 1% of the amount appropriated to the state general fund in any fiscal year.

Maintains the existing 20% annual increase to the tax credit cap from the previous fiscal year, but the cap now cannot exceed the 1% general fund threshold.

Applies to both section 43-1183 (corporate income tax credit) and section 20-224.06 (insurance premium tax credit) for STO contributions on a combined basis.

Retains all existing provisions regarding preapproval procedures, first-come-first-served distribution, and contribution requirements for taxpayers and school tuition organizations.