AZ HB2318

Extends the sunset date for Arizona's affordable housing tax credit program from December 31, 2025 to December 31, 2031.

Increases annual tax credit allocation from $4,000,000 through 2023 to $12,000,000 per calendar year thereafter for projects qualifying for federal low-income housing tax credits.

Allows taxpayers to claim credits equal to at least 50% of the federal low-income housing tax credit for qualified projects placed in service on or after June 30, 2022.

Extends the repeal dates for related tax credit provisions in sections 20-224.04, 43-225, 43-1075, and 43-1163 from December 31, 2025 to December 31, 2031.

Preserves the right of taxpayers to redeem tax credits for qualified projects that receive department approval before the extended December 31, 2031 sunset date.