Arizona 53rd Legislature - 1st Regular Session Status: Passed Senate

SB 1212 — tax credit cap; angel investor

Last action — house second reading

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 53rd Legislature - 1st Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

92 added · 98 removed

Plain-language change summary

The amendments to SB 1212 clarify details regarding tax credits for investments in small businesses. The revised language specifies the percentage of credits available over the first three years following the investment, ensuring consistency in how these percentages are applied. Additionally, the updated version outlines a process for managing tax credit requests that exceed the $20 million limit, prioritizing them based on when applications are received. These changes are important as they help ensure a fairer distribution of tax credits and provide clearer guidelines for both investors and regulatory authorities.

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SB1212 - 531R - I Ver       REFERENCE TITLE:
SB1212 - 531R - S Ver       Senate Engrossed       State of Arizona Senate Fifty-third Legislature First Regular Session     SENATE BILL 1212       AN ACT   Amending section 41-1518, Arizona Revised Statutes;
tax credit cap;
angel investor       State of Arizona Senate Fifty-third Legislature First Regular Session     SB 1212   Introduced by Senators Fann:
Brophy McGee, Contreras, Farnsworth D, Hobbs, Kavanagh, Worsley, Yee     AN ACT   Amending section 41-1518, Arizona Revised Statutes;
F.  The authority shall not authorize tax credits under this section after June 30, 2021.  Through June 30, 2017, the authority shall not certify tax credits under this section exceeding twenty million dollars.  From and after June 30, 2017 through June 30, 2021, the authority may certify additional tax credits under this section not exceeding ten million dollars.  Tax credits that expire after certification or that are otherwise not timely used by the qualified investor for whom they were originally authorized shall be included in the twenty million applicable dollar limitation limit.  If qualifying applications exceed twenty million dollars the dollar limit, the authority shall authorize credits in the order of the date and time that the applications are received by the authority, as evidenced by the time and date stamped on the application when received by the authority.  All applications shall be filed on a form and in the manner prescribed by the Arizona commerce authority.  If an application is received that, if authorized, would require the authority to exceed the twenty million applicable dollar limit, the authority shall only grant the applicant the remaining amount of tax credits that would not exceed the twenty million dollar limit.  After the authority authorizes twenty million dollars in the allowable amount of tax credits, the authority shall deny any subsequent applications that are received.  The authority shall certify to the qualified investor and to the department of revenue the amount of the tax credit that is authorized for purposes of section 43‑1074.02 for each taxable year described in subsection E of this section.
F.  The authority shall not authorize tax credits under this section after June 30, 2021.  Through June 30, 2017, the authority shall not certify tax credits under this section exceeding twenty million dollars.  From and after June 30, 2017 through June 30, 2021, the authority may certify additional tax credits under this section not exceeding two million five hundred thousand dollars each fiscal year, plus any unused credit capacity, which carries over from the preceding fiscal year or years.  Tax credits that expire after certification or that are otherwise not timely used by the qualified investor for whom they were originally authorized shall also be included in the twenty million applicable dollar limitation limit.  If qualifying applications exceed twenty million dollars the dollar limit, the authority shall authorize credits in the order of the date and time that the applications are received by the authority, as evidenced by the time and date stamped on the application when received by the authority.  All applications shall be filed on a form and in the manner prescribed by the Arizona commerce authority.  If an application is received that, if authorized, would require the authority to exceed the twenty million applicable dollar limit, the authority shall only grant the applicant the remaining amount of tax credits that would not exceed the twenty million dollar limit.  After the authority authorizes twenty million dollars in the allowable amount of tax credits, the authority shall deny any subsequent applications that are received.  The authority shall certify to the qualified investor and to the department of revenue the amount of the tax credit that is authorized for purposes of section 43‑1074.02 for each taxable year described in subsection E of this section.
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Action History

  1. house second reading

  2. house first reading.

  3. transmit to house

  4. passed

  5. senate second reading

  6. senate first reading

Sponsors

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 92 not signed on

Sponsors (0)

None.

Co-sponsors (1)

Not signed on (92)

92 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 1212?
SB 1212 is sponsored by Kimberly Yee.
What is the current status of SB 1212?
This bill died with 53rd Legislature - 1st Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1212?
Track SB 1212 free on One Click Politics — get push/email alerts when it moves.

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