AZ HB2335

Amends Arizona Revised Statutes section 42-14155 to set the valuation of renewable energy equipment at 20 percent of its depreciated cost through December 31, 2040.

Applies to electric generation facilities, transmission, distribution systems, and gas distribution property used for generation, storage, transmission or distribution of power from solar, wind, or other nonpetroleum renewable sources.

Prohibits owners from claiming functional obsolescence reductions on the same renewable energy equipment in the same tax year if the equipment is valued under this section.

Excludes licensed vehicles and property already valued under sections 42-14154 and 42-14156 from this valuation method.