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 determining the apportionment of business income for taxpayers engaged in air commerce. Specifically, it modifies the calculation of sales in the state, allowing for a more nuanced approach based on market presence and the location of property and services. The bill also clarifies the treatment of various types of income, including interest and fees related to loans, and establishes criteria for determining the market for sales of intangible property.

Additionally, the bill includes new sections that outline the responsibilities of the department to adopt necessary rules for implementation. It removes outdated language and refines definitions related to market sales and the treatment of multistate service providers. Overall, these changes aim to modernize the tax code, enhance clarity, and ensure that the apportionment of income reflects current business practices and economic realities.

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