AZ HB2358

Amends Arizona Revised Statutes section 42-14155 to change how renewable energy equipment is valued for tax purposes through December 31, 2040.

Changes the valuation methodology from "valuation" to "full cash value," defined as 20 percent of the depreciated cost of the equipment.

Establishes that depreciated cost is determined by deducting straight-line depreciation (capped at 90 percent of adjusted original cost) from the original cost of the equipment.

Requires separate valuation of land on which renewable energy equipment is sited, using either section 42-14156 standards if owned by the taxpayer or county assessor determination if the land is not owned by the taxpayer.

Defines key terms including "depreciation," "original cost," "renewable energy equipment" (solar, wind, and other non-petroleum sources), and "taxable original cost" (reduced by investment tax credits, production tax credits, or cash grants).