Bill Text: AZ SB1260 | 2010 | Forty-ninth Legislature 2nd Regular | Introduced

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Bill Title: School tax credits; temporary suspension

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2010-02-01 - Referred to Senate FIN Committee [SB1260 Detail]

Download: Arizona-2010-SB1260-Introduced.html

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REFERENCE TITLE: school tax credits; temporary suspension

 

 

 

 

State of Arizona

Senate

Forty-ninth Legislature

Second Regular Session

2010

 

 

SB 1260

 

Introduced by

Senators Cheuvront, Lopez: Landrum Taylor, McCune Davis

 

 

AN ACT

 

Providing for temporary suspension of INSURANCE premium and income tax credits.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Suspension of insurance premium and income tax credits

A.  Notwithstanding sections 20-224.06, 20-224.07, 43-1089, 43-1089.01, 43‑1183 and 43-1184, Arizona Revised Statutes, the following income tax credits are suspended and do not apply for taxable years beginning from and after December 31, 2009 through December 31, 2012:

1.  The insurance premium tax credit for contributions to a school tuition organization.

2.  The insurance premium tax credit for contributions to a school tuition organization on behalf of displaced students and students with disabilities.

3.  The individual income tax credit for contributions to a school tuition organization.

4.  The individual income tax credit for public school fees and contributions.

5.  The corporate income tax credit for contributions to a school tuition organization.

6.  The corporate income tax credit for contributions to a school tuition organization on behalf of displaced students and students with disabilities.

B.  Notwithstanding section 43-401, subsection I, Arizona Revised Statutes, from and after the effective date of this act through December 31, 2012 an employer shall not reduce the amount tax withheld from an employee's compensation or pay the amount of the reduction to a school tuition organization or public school for the purpose of qualifying for the income tax credit under section 43-1089 or 43-1089.01, Arizona Revised Statutes.

Sec. 2.  Emergency

This act is an emergency measure that is necessary to preserve the public peace, health or safety and is operative immediately as provided by law.