AZ HB2805

Increases the annual tax credit allocation for low-income housing projects from $4,000,000 to $10,000,000 per calendar year.

Extends the repeal date of the affordable housing tax credit program from December 31, 2025 to December 31, 2035, allowing the program to continue for an additional ten years.

Allows taxpayers with interests in qualified low-income housing projects to claim tax credits against insurance premium or income tax liabilities for taxable years beginning after December 31, 2021.

Requires the Arizona Department of Housing to adopt rules, hold annual public hearings by July 30, and submit annual reports to the legislature analyzing the economic impact and affordable housing units produced by the credit program.

Preserves the ability of taxpayers to redeem previously issued tax credits even after the program's repeal date, ensuring credits issued before December 31, 2035 remain valid.