Here are a few of the bills the Arizona Tax Research Association is tracking in the current legislative session:

H2263: Reduces assessed valuation of class one (business) property to 24 per cent from 25 per cent and requires that JLBC adjust the qualifying tax rate to offset the reduction in net assessed value. Approved by House.

S1274: Expansion of Arizona’s taxpayers bill of rights. Limits the duration of an audit of a taxpayer’s return or claim for refund to two years from the date of the initial audit contact, with certain exceptions, effective retroactively to Jan. 1, 2004. Awaiting Senate floor action.

H2160: Establishes a maximum tax rate that school districts can impose. Approved by House.

H2270: Allows multi-state corporations the option to use a 70 per cent sales factor apportionment formula in order to determine the amount of income that is attributable to Arizona for corporate income tax purposes. The 70 per cent option is phased-in over two years. Approved by House.

H2042: ATRA opposes because it “imposes unreasonable limit on transaction privilege tax refunds and credits.” Requires that any excess transaction privilege tax that was collected as a separately stated tax will only be refunded to the taxpayer (business) if it is refunded to the original purchaser. No committee action.

HCR 2026: ATRA opposes. Provides an alternative method for border cities and towns to compute their population for purposes of expenditure limitations. Awaiting floor action in the House. —