AZ HB2576

Extends the affordable housing tax credit program from December 31, 2025 to December 31, 2031 by amending repeal dates in sections 20-224.04, 41-3954, 43-1075, and 43-1163 of Arizona Revised Statutes.

Increases annual tax credit allocation from $4,000,000 to $8,000,000 for calendar years 2025 through 2031, while maintaining the $4,000,000 allocation for calendar years 2022 through 2024.

Changes credit calculation methodology from "at least fifty percent of the amount of the federal low-income housing credit" to "the amount determined by the department pursuant to section 41-3954" for determining economic feasibility of qualified projects.

Delays claiming of credits allocated in calendar year 2025 until the federal fiscal year beginning October 1, 2026.

Preserves existing tax credits already allocated and allows taxpayers to continue claiming allocated credits after the program's repeal date in accordance with program rules.