AZ SB1400

Establishes a joint legislative income tax credit review committee with 5 members from the House Ways and Means Committee and 5 members from the Senate Finance Committee, appointed by their respective chamber leaders with no more than 3 from the same political party.

Requires the committee to meet at least annually and develop standards for evaluating tax credits based on their original purpose, economic benefit to the state, and application complexity.

Mandates the committee review individual and corporate income tax credits on a prescribed schedule and determine whether credits should be amended, repealed, or retained, with findings reported to the President of the Senate, Speaker of the House, and Governor by December 15.

Requires all new income tax credits enacted by the legislature to include a specific review year (no later than the fifth full calendar year after enactment) and a specific repeal date on or after December 31 of the review year.

Requires new tax credit legislation to include a purpose clause explaining the rationale and objective of the credit.