AZ SB1342

Amends Section 35-511 of Arizona Revised Statutes relating to federal income tax considerations for bonds issued by the state and political subdivisions.

Changes "agriculture improvement district" to "agricultural improvement district" in the definition of political subdivision.

Revises grammatical language in the definition of political subdivision by replacing "which" with "and that" and adding clarifying language "that is."

Maintains existing definitions of bonds, political subdivisions, rebates, and treasurer roles in the context of bond issuance and federal tax compliance.