This bill proposes updates to Arizona Revised Statutes by amending sections related to transaction privilege and use tax, specifically section 42-5061 and section 42-5159. It introduces new provisions that define "energy storage" and "machinery and equipment used directly" for energy storage, which will be exempt from tax through December 31, 2031. The bill also clarifies that this exemption applies to machinery and equipment used for electric energy storage in residential, industrial, or commercial facilities.

Additionally, the bill repeals a previous amendment to section 42-5159 and makes several adjustments to existing language, including the replacement of the subsection identifier from "O" to "P" in multiple instances. The changes aim to streamline the definitions and ensure clarity regarding the tax exemptions for energy storage-related machinery and equipment. The act will take effect for taxable periods beginning on the first day of the month following its general effective date.

Statutes affected:
Introduced Version: 42-5061, 42-5159