AZ HB2136

Amends Arizona Revised Statutes Section 35-741 regarding industrial development bonds and tax exemptions.

Clarifies that corporations issuing industrial development bonds and their income remain exempt from state taxation, with the exception that property is subject to applicable ad valorem taxes.

Changes statutory language from "upon" to "on" and "which" to "that" for grammatical consistency and clarity.

Maintains that ad valorem taxes on leased property are charged to the lessee as if they were the owner, except for property leased to entities exempt under Arizona Constitution Article IX, Section 2.