Bill
Number: H.B. 2528
Montenegro
Floor Amendment
Reference
to: House engrossed bill
Amendment
drafted by: Leg Council
FLOOR
AMENDMENT EXPLANATION
1.
Increases personal exemption levels for single individuals,
married couples filing jointly and married filing separately by $50, $100, and
$150 respectively, for TY 2017 and TY 2018. After TY 2018 the Department of
Revenue (Department) is required to index personal exemptions according to
inflation.
2.
Specifies that any tax credit, whether subject to
preapproval by the Arizona Commerce Authority or otherwise, may only be
terminated by the Department if it has not received notice of preapproval or
allowed the tax credit for any four consecutive year term.
Page 25,
line 10, after "B." insert "Except as provided by subsection C of this section,";
strike "two" insert "four"
Between
lines 27 and 28, insert:
"C. The director may not terminate under subsection B of
this section the recognition and servicing of any income tax credit that is
subject by law to preapproval by the Arizona commerce authority unless over any
period of four consecutive calendar years both of the following conditions
occur with respect to the credit:
1. The
department has not received notice of preapproval of any applicant or project
for the credit from the Arizona commerce authority.
2. In
the report issued under subsection A of this section, the credit was not
claimed by or allowed to any taxpayer."
Page 32,
line 40, strike "Except as provided in subsection B of this
section" insert "For taxable years prior to
2017"
Page 33,
between lines 10 and 11, insert:
"B. For taxable years beginning from and after December 31,
2016 through December 31, 2017, there is allowed as an exemption, in the case
of:
1. A
single individual, a personal exemption of two thousand one hundred fifty
dollars.
2. A
head of a household or a married individual, a personal exemption of four
thousand three hundred dollars under this paragraph. A husband and
wife shall receive but one personal exemption of four thousand three hundred
dollars. If the husband and wife make separate returns, the personal
exemption may be taken by either or divided between them.
3. A
married couple who claim at least one dependent, an exemption of six thousand
four hundred fifty dollars. If the husband and wife make separate
returns, the personal exemption may be taken by either or divided between
them. An exemption under this paragraph is in lieu of the exemption
under paragraph 2 of this subsection.
C. For
taxable years beginning from and after December 31, 2017 through December 31,
2018, there is allowed as an exemption, in the case of:
1. A
single individual, a personal exemption of two thousand two hundred dollars.
2. A
head of a household or a married individual, a personal exemption of four
thousand four hundred dollars under this paragraph. A husband and
wife shall receive but one personal exemption of four thousand four hundred
dollars. If the husband and wife make separate returns, the personal
exemption may be taken by either or divided between them.
3. A
married couple who claim at least one dependent, an exemption of six thousand
six hundred dollars. If the husband and wife make separate returns,
the personal exemption may be taken by either or divided between
them. An exemption under this paragraph is in lieu of the exemption
under paragraph 2 of this subsection."
Reletter to
conform
Page
33, line 11, strike "2016" insert "2018"
Line
13, strike "A" insert "C"
Amend title to conform