AZ HB2510

Amends Arizona Revised Statutes section 42-6004 to add an exemption from municipal transaction privilege and sales taxes for gross proceeds from commercial leases between reciprocal insurers and affiliated corporations meeting specified ownership thresholds.

Defines "affiliated corporation" as one that owns or controls at least 80 percent of the lessor, is at least 80 percent owned or controlled by the lessor, or meets similar ownership relationships through intermediate corporations.

Removes the expired exemption for lake facility development contracts in commercial enhancement reuse districts that expired December 31, 2009.

Renumbers existing exemptions in section 42-6004 following removal of the expired lake facility provision.