affordable housing; tax credits

HB 2644 creates a new tax credit for Arizona taxpayers investing in affordable housing projects that qualify for federal low-income housing tax credits. It allows investors to claim credits against their insurance premium tax liability (not income tax), with a $10 million annual cap for projects meeting federal standards, administered by the Arizona Department of Housing. The credit is allocated based on project eligibility statements, can be shared among investors regardless of ownership stake, and expires after 2031. Taxpayers must submit documentation with their tax returns, and unused credits may be carried forward for up to five years. The bill requires annual reporting on housing impacts but does not change income tax rates or directly affect renters.