AZ HB2324

Amends Arizona Revised Statutes section 43-1183 to modify the corporate income tax credit cap for contributions to school tuition organizations.

Changes the tax credit cap adjustment mechanism beginning in fiscal year 2019-2020: the cap must either decrease by the percentage of any decrease in total legislative appropriations to the school facilities board and department of education, or increase by the lesser of the percentage increase in those appropriations or 20 percent.

Prior to fiscal year 2019-2020, the cap had increased by a flat 20 percent annually from the previous fiscal year's amount.

Maintains the existing preapproval requirement for taxpayers and school tuition organizations before contributions can qualify for the tax credit.

Takes effect retroactively from June 30, 2019.