AZ HB2533

Amends sections 42-5061 and 42-5159 (Arizona Revised Statutes) related to transaction privilege tax (TPT) and use tax to add aircraft in fractional ownership programs as an exemption category.

Adds language specifying that aircraft "including aircraft in a fractional ownership program" qualify for tax exemptions when sold to persons operating aircraft for commercial purposes under federal aviation administration regulations (14 Code of Federal Regulations part 91, subpart K).

Applies the same fractional ownership aircraft exemption to both the retail classification tax base (section 42-5061, subsection B, paragraph 7) and the use tax exemptions (section 42-5159, subsection B, paragraph 7).

Makes the amendments conditional on Senate Bill 1010 of the 53rd Legislature becoming law, as these changes modify text that SB 1010 also amended.