AZ SB1522

Establishes a joint legislative income tax credit review committee consisting of five House members and five Senate members appointed by their respective chamber leaders, with no more than three appointees from the same political party.

Requires the committee to meet at least annually and establish standards for evaluating tax credits based on their original purpose, state benefits (including economic development and job creation), and administrative complexity.

Mandates the committee review income tax credits on a prescribed schedule and report findings and recommendations to the President of the Senate, Speaker of the House, and Governor by December 15 of the review year.

Provides that if a credit is retained or amended, it returns to the review schedule with the next review occurring five full calendar years after the initial review.

Requires new income tax credits enacted by the legislature to include a specific review year (no later than five full calendar years after enactment), a specific repeal date after December 31 of the review year, and a purpose clause explaining the credit's rationale and objectives.