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 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 nuanced approach based on market presence and the location of property or services provided.

Additionally, the bill clarifies definitions and introduces new criteria for determining the market for various types of sales, including real property, tangible personal property, loans, and intangible assets. It also mandates that the department adopt necessary rules to implement these changes. The bill removes outdated language and refines existing provisions to better reflect current business practices and tax policy, ensuring that the apportionment of income aligns with the economic realities of multistate operations.

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