AZ SB1149

Amends Arizona law to modify the evaluation standards for the joint legislative income tax credit review committee by adding a new criterion assessing whether adequate protections exist to prevent future fiscal impacts of credits from substantially exceeding original projections.

Requires the income tax credit review committee to evaluate existing tax credits against established standards including the credit's history, rationale, revenue impact, measurable economic benefits, and application complexity.

Changes the committee's reporting requirement to send copies of review reports to the secretary of state instead of the director of the Arizona state library, archives and public records.

Maintains the committee's composition of five House members and five Senate members appointed by legislative leaders, with no more than three appointees from the same political party.

Establishes that reviewed credits recommended for retention or amendment return to the standard five-year review schedule, with the next review occurring in the fifth full calendar year after the initial review.