AZ SB1280

Amends Arizona Revised Statutes Section 43-221 to modify the joint legislative income tax credit review committee's evaluation standards for tax credits.

Adds a new evaluation criterion requiring assessment of whether adequate protections exist to ensure the fiscal impact of tax credits in future years will not substantially increase beyond projections made when the credit is evaluated.

Specifies the committee consists of five members from the House Ways and Means Committee and five members from the Senate Finance Committee, with no more than three appointees from the same political party in each chamber.

Requires the committee to report findings and recommendations to the President of the Senate, Speaker of the House, and Governor by December 15 of the review year, with a copy provided to the Secretary of State.

Committee terminates on July 1, 2022 pursuant to Section 41-3103.