HB2528 Summary

• Eliminates the premium tax credit for insurers in military reuse zones (section 20-224.04) and repeals several income tax credits including renewable energy credits, small business credits, and other business incentive programs effective January 1, 2018.

• Removes renewable energy tax credit programs (sections 43-1076.01, 43-1079, 43-1083.01, 43-1085.01, 43-1090, 43-1167, 43-1176) that provided credits for solar installations and other renewable energy investments.

• Implements automatic termination of unused income tax credits when not claimed for four consecutive reporting periods, with the Department of Revenue required to issue public notice and notify legislature when credits expire.

• Updates personal income tax exemption amounts for tax years 2017-2019, with amounts adjusted annually beginning in 2019 based on the Phoenix metropolitan area consumer price index.

• Allows carryforward of previously claimed tax credits from prior years to continue under prior law, preserving grandfathered benefits for credits claimed before repeal date.