AZ SB1684

Establishes a joint legislative tax expenditure review committee to review both income tax credits and transaction privilege tax expenditures under a new ten-year schedule, replacing the previous five-year income tax credit-only review process.

Expands the committee's authority to review all tax expenditures defined as provisions exempting persons, income, goods, services or property from established taxes, including deductions, exclusions, exemptions, allowances and credits.

Requires the committee to report its findings and recommendations by December 15 each review year and recommend whether tax expenditures should be amended, retained, or repealed.

Modifies income tax credit review schedules to spread reviews across ten years instead of five-year cycles for individual and corporate credits.

Requires new individual or corporate income tax credits enacted by the legislature to include a specific fifth-year review date, a termination date no later than five years after enactment, and an economic benefit statement with job creation and wage information.