HB 2732 Summary

• Establishes a new affordable housing tax credit equal to at least 50% of federal low-income housing credits for qualified projects placed in service after June 30, 2021.

• Creates the Arizona Department of Housing authority to allocate $8,000,000 in tax credits annually and issue eligibility statements to qualified projects.

• Allows taxpayers to claim credits against insurance premium taxes (section 20-224.04) and corporate/individual income taxes (sections 43-1075 and 43-1163), with unused credits carryable forward up to 5 years.

• Establishes an Affordable Housing Tax Credit Review Committee to evaluate the credit's benefits every 5 years starting 5 years after enactment, with the committee terminating July 1, 2028.

• Sunsets all provisions December 31, 2027, though previously reserved projects may continue to redeem credits after that date; effective December 31, 2020.