HB2922 Summary

• Creates a 30 percent income tax credit for corporate taxpayers who donate real property and improvements to a school district or charter school for use as a school or school site.

• Requires donated property to be located in Arizona, conveyed in fee simple with deed restrictions limiting use to school purposes, and appraised by an independent party paid for by the donee.

• Allows co-owners to claim pro rata shares of the credit, with unused credits carried forward for up to five consecutive taxable years.

• For charter school donations, establishes a lien on the property (recorded with title) that the donor must record to qualify for the credit, with lien extinguished after 10 years or upon payment/conveyance to a school district.

• Applies retroactively to taxable years beginning December 31, 2019.