HB 2533 Summary

• Amends Arizona Revised Statutes section 42-6004 to provide a municipal tax exemption for speculative builders on the price of leases on real property or other intangible/personal property included in the total selling price of improved real property, if properly allocated in an affidavit of legal value under section 11-1133 and the resulting tax is not less than what would be owed under section 42-5075.

• Replaces the prior exemption for "the transfer of title or possession of coal back and forth" with a blanket exemption for "the sale of coal."

• Establishes a $10,000 aggregate cap on refunds issued by the Department of Revenue for sales of improved real property where the statute of limitations has not run; excess claims are reduced proportionally.

• Abates any liens filed against sellers for excess taxes, interest, or penalties assessed before the effective date and requires the Department to release property and withdraw recorded notices of lien.

• Applies retroactively to January 31, 2019, with conditional enactment tied to the occurrence of conditions prescribed in Laws 2018, chapter 263, section 5.