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AZ SB1041

Bill

Official Source

Status

Engrossed

2/1/2021

Primary Sponsor

David Livingston

Click for details

Origin

Senate

Fifty-fifth Legislature - First Regular Session (2021)

AI Summary

  • Amends Arizona Revised Statutes Section 43-1184 to increase the aggregate tax credit cap for contributions to school tuition organizations (STOs).

  • Raises the combined tax credit limit from $5,000,000 to $10,000,000 for fiscal year 2021-2022.

  • Increases the aggregate cap to $15,000,000 for fiscal year 2022-2023.

  • Sets the aggregate cap at $20,000,000 for fiscal year 2023-2024 and all subsequent fiscal years.

  • Maintains existing requirements for preapproval by the Department of Revenue and first-come, first-served basis for tax credit allocation.

Legislative Description

STOs; aggregate cap increase

Sto

Last Action

House WM Committee action: Do Pass, voting: (6-4-0-0-0-0)

3/10/2021

Committee Referrals

Rules2/23/2021
Ways and Means2/1/2021
Rules1/12/2021
Finance1/11/2021

Full Bill Text

No bill text available