AZ HB2185

Amends the school tuition organization (STO) tax credit cap calculation beginning in fiscal year 2019-2020, changing from a fixed 20% annual increase to the greater of either the annual increase in the metropolitan Phoenix consumer price index or 2%.

Maintains the existing combined tax credit cap of $10,000,000 for fiscal year 2006-2007 through fiscal year 2018-2019, with 20% annual increases during that period.

Makes clarifying grammatical changes to existing statutory language regarding first-come, first-served credit distribution.

Applies retroactively to June 30, 2019.