AZ SB1348

Amends Arizona Revised Statutes section 43-1183 to modify the corporate school tuition organization (STO) tax credit aggregate cap beginning in fiscal year 2017-2018.

Freezes the aggregate dollar amount of the STO tax credit cap at the fiscal year 2016-2017 level, eliminating the previous 20% annual increase that had been occurring since fiscal year 2007-2008.

Maintains the combined aggregate cap of $10 million (as of the bill's introduction) for both corporate and individual STO tax credits under sections 43-1183 and 20-224.06.

Preserves all existing provisions regarding preapproval requirements, first-come-first-served basis for credit distribution, and other administrative procedures for claiming the STO tax credit.

Requires a two-thirds affirmative vote in both houses of the legislature for enactment and makes the act effective immediately upon the governor's signature.