AZ SB1084

Amends Arizona Revised Statutes section 43-1123 to extend the net operating loss (NOL) carryover period from 5 years to 20 years for NOLs arising in taxable years beginning after December 31, 2011.

NOLs arising in taxable years beginning before January 1, 2012 continue to have a 5-year carryover period.

Makes technical clarifications by changing "deduction" to "subtraction" and "as used in" to "for the purposes of" throughout the statute.

Applies retroactively to taxable years beginning from and after December 31, 2011.