AZ HB2530

Establishes a rural growth fund tax credit program allowing investments in rural business concerns to receive tax credits against insurance premium tax, corporate income tax, and individual income tax liabilities for taxable years beginning after December 31, 2017.

Creates the Arizona Commerce Authority procedure for approving rural growth funds with a maximum of $50 million in total investment authority and $30 million in credit-eligible capital contributions, with individual funds limited to $20 million in investment authority.

Allows investors to claim up to 25 percent of their credit-eligible capital contribution annually during the third through sixth anniversaries of the fund's closing date, with unused credits carried forward for up to ten consecutive years.

Requires rural growth funds to invest 100 percent of their authority in rural business concerns (fewer than 250 employees and under $15 million net income) within two years and maintain those investments through the sixth anniversary, with oversight and reporting requirements to the Arizona Commerce Authority.

Permits transfer of tax credit certificates to a single affiliate with written notice to relevant tax departments, but prohibits further transfers and subjects transferees to revocation if the original fund's certification is revoked.