tax credit review committee; standard

SB 1080 establishes a joint legislative committee to review Arizona's individual and corporate income tax credit programs. The committee, composed of five House members (appointed by the Speaker) and five Senate members (appointed by the President), must evaluate each credit based on its revenue cost to the state, economic benefits like job creation, and administrative complexity. After reviewing credits annually, the committee recommends whether to keep, amend, or eliminate them and submits findings to lawmakers and the governor by December 15 each year. This process directly affects all existing tax credits, requiring regular assessment of their effectiveness and fiscal impact.