AZ SB1144

Amends section 42-2003 to clarify authorized disclosure of confidential tax information, including to the joint legislative tax expenditure review committee for compliance with tax expenditure reporting requirements.

Creates section 42-5042 requiring the joint legislative tax expenditure review committee to review each transaction privilege and use tax expenditure under a ten-year schedule using the same standards applied to income tax credits.

Renames the "joint legislative income tax credit review committee" to "joint legislative tax expenditure review committee" and expands its authority to review both income tax credits and transaction privilege tax expenditures.

Establishes separate review schedules for individual and corporate income tax credits (reviewed within ten years of previous review) and for transaction privilege tax expenditures (also on a ten-year schedule to be adopted by December 15, 2017).

Defines "tax expenditure" to include provisions that exempt any person, income, goods, services or property from established taxes, including deductions, exclusions, exemptions and credits, while excluding certain specified deductions and business activity omissions.