This bill proposes to amend section 42-5071 of the Arizona Revised Statutes by adding a new deduction for the gross proceeds of sales or gross income derived from the business of leasing or renting textbooks by bookstores required by state universities or community colleges. This insertion aims to provide a tax deduction for these specific transactions under the personal property rental classification, which currently includes various other deductions but does not specify textbooks.

Additionally, the bill clarifies that the new provisions will apply to taxable periods beginning on or after the first day of the month following the general effective date of the act. The current law remains unchanged except for the addition of this specific deduction and the new applicability clause.

Statutes affected:
Introduced Version: 42-5071