This bill proposes several updates to the Arizona Revised Statutes regarding corporate income tax. It extends the timeframe for certain provisions from December 31, 2016, to December 31, 2025, and introduces new methods for apportioning business income for taxpayers engaged in air commerce and multistate service providers. Specifically, it modifies the calculation of sales in the state, allowing for a more comprehensive approach that includes various factors such as property location, borrower location, and the delivery of services. Additionally, it clarifies the treatment of intangible property and establishes guidelines for determining the market for sales.

The bill also includes the deletion of outdated language and the insertion of new definitions and rules to enhance clarity and compliance. For instance, it specifies how to determine the market for different types of sales and introduces a requirement for the department to adopt necessary rules for implementation. Overall, these changes aim to modernize the corporate income tax framework and ensure that it accurately reflects current business practices and economic conditions.

Statutes affected:
Introduced Version: 43-1139, 43-1147, 43-947