AZ SB1485

Amends section 43-1183 of Arizona Revised Statutes regarding the tax credit for contributions to school tuition organizations.

Changes the annual increase methodology for the tax credit cap beginning in fiscal year 2020-2021: 15% for FY 2020-2021, 10% for FY 2021-2022, 5% for FY 2022-2023, and thereafter the greater of the annual metropolitan Phoenix consumer price index increase or 2%.

Replaces the previous uniform 20% annual increase cap adjustment with a declining percentage increase schedule, then transitions to inflation-based adjustments.

Makes minor formatting corrections to existing statutory language (e.g., standardizing "first-come, first-served" and "$10,000,000" notation).