AZ HB2481

Requires the state treasurer to distribute transaction privilege tax (TPT) revenues monthly to qualifying Indian tribes for their reservation-based community colleges, based on tax revenues from sources located on each tribe's reservation.

Mandates that tribes enter into a compact with the state (signed by the governor) by September 1, 2017, lasting at least 20 years, with provisions for amendment and renewal after a fourth-year legislative review.

Limits annual distributions per tribe: $1,750,000 or 10% of reservation TPT revenues (whichever is less) for a single community college, with different caps for additional institutions based on fiscal year.

Requires monies to be used primarily for capital needs, maintenance, and renewal of community college facilities on the tribe's reservation, with mandatory audits by the auditor general submitted to the joint legislative budget committee.

Allows reimbursement to the Department of Revenue for implementation costs up to $150,000 from the revenues otherwise distributed to tribes.