AZ HB2447

Allows individual taxpayers to claim an income tax credit for cash contributions made to Arizona community college districts for student financial assistance, with maximum credits of $250 for single filers and $500 for joint filers.

Permits unused tax credits to be carried forward for up to five consecutive taxable years if the credit exceeds tax liability owed.

Requires community college districts receiving contributions to report annually to the department by February 28 detailing the number of contributions, total amounts received, and amounts spent on student financial assistance.

Prohibits taxpayers from claiming both this tax credit and a charitable deduction under federal tax code for the same contribution.

Adds the new credit to the joint legislative income tax credit review schedule for review in years ending in 4 and 9.