AZ SB1168

Updates Arizona's definition of "internal revenue code" in tax law to conform to the federal Internal Revenue Code as of January 3, 2013 for taxable years beginning after December 31, 2012.

Modifies the definition for taxable years 2012-2013 to include retroactive provisions from three federal laws: the FAA Modernization and Reform Act (P.L. 112-95), the Moving Ahead for Progress in the 21st Century Act (P.L. 112-141), and the American Taxpayer Relief Act of 2012 (P.L. 112-240).

Establishes a tax credit for taxable year 2013 for taxpayers who would have received refunds if Arizona had conformed to Public Law 112-95, section 1106 for taxable years 2001-2011.

Allows excess credits that exceed income tax due to be refunded to taxpayers in the same manner as standard tax refunds, subject to setoff provisions and deficiency determinations.

Requires taxpayers to claim the credit on their original timely filed individual income tax return for the taxable year to be eligible.