Bill Text: AZ HB2447 | 2019 | Fifty-fourth Legislature 1st Regular | Introduced
Bill Title: Income tax credit; community colleges
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-02-05 - House read second time [HB2447 Detail]
Download: Arizona-2019-HB2447-Introduced.html
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REFERENCE TITLE: income tax credit; community colleges |
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State of Arizona House of Representatives Fifty-fourth Legislature First Regular Session 2019
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HB 2447 |
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Introduced by Representative Griffin
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AN ACT
Amending section 43‑222, Arizona Revised Statutes; amending Title 43, chapter 10, article 5, Arizona Revised Statutes, by adding section 43‑1089.05; relating to individual income tax credits.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 43-222, Arizona Revised Statutes, is amended to read:
43-222. Income tax credit review schedule
The joint legislative income tax credit review committee shall review the following income tax credits:
1. For years ending in 0 and 5, sections 43‑1079.01, 43‑1087, 43‑1088, 43-1089.04, 43‑1167.01 and 43‑1175.
2. For years ending in 1 and 6, sections 43‑1072.02, 43‑1074.02, 43‑1083, 43‑1083.02, 43‑1164.03 and 43‑1183.
3. For years ending in 2 and 7, sections 43‑1073, 43‑1080, 43‑1085, 43‑1086, 43‑1089, 43‑1089.01, 43‑1089.02, 43-1089.03, 43‑1164, 43‑1169 and 43‑1181.
4. For years ending in 3 and 8, sections 43‑1074.01, 43‑1081, 43‑1168, 43‑1170 and 43‑1178.
5. For years ending in 4 and 9, sections 43‑1076, 43‑1081.01, 43‑1083.04, 43‑1084, 43‑1089.05, 43‑1162, 43‑1164.05, 43‑1170.01 and 43‑1184 and, beginning in 2019, sections 43‑1083.03 and 43‑1164.04.
Sec. 2. Title 43, chapter 10, article 5, Arizona Revised Statutes, is amended by adding section 43-1089.05, to read:
43-1089.05. Credit for contributions to a community college district; definition
A. A credit is allowed against the taxes imposed by this title for the amount of any cash contributions made by a taxpayer during the taxable year to a community college district that is located in this state for the purpose of providing financial assistance to students with verifiable financial need.
B. The amount of the credit may not exceed:
1. $250 for a single individual or a head of household.
2. $500 for a married couple filing a joint return.
C. A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one‑half of the tax credit that would have been allowed for a joint return.
D. The credit allowed by this section is in lieu of any deduction pursuant to section 170 of the internal revenue code and taken for state tax purposes.
E. If the allowable tax credit exceeds the taxes otherwise due under this title on the claimant's income, or if there are no taxes due under this title, the taxpayer may carry the amount of the claim not used to offset the taxes under this title forward for not more than five consecutive taxable years' income tax liability.
F. On or before February 28 of each year, A community college district that receives a cash contribution pursuant to subsection A of this section shall report to the department, in a form prescribed by the department, the following information:
1. The total number of cash contribution payments received during the previous calendar year.
2. The total dollar amount of contributions received during the previous calendar year.
3. The total dollar amount of contributions spent by the community college during the previous calendar year to provide financial assistance to students with verifiable financial need.
G. For the purposes of this section, a contribution for which a credit is claimed and that is made on or before the fifteenth day of the fourth month following the close of the taxable year may be applied to either the current or preceding taxable year and is considered to have been made on the last day of that taxable year.
H. For the purposes of this section, "community college district" means a community college district that is established pursuant to sections 15‑1402 and 15‑1403 and that is a political subdivision of this state.
Sec. 3. Purpose
Pursuant to section 43‑223, Arizona Revised Statutes, the legislature enacts section 43‑1089.05, Arizona Revised Statutes, as added by this act, to provide financial assistance to community college students in this state.
