AZ SB1465

Adds a new subtraction from Arizona gross income for corporations related to contributions in aid of construction and advance in aid of construction for water and wastewater utilities, as defined by federal tax regulations.

The subtraction applies to amounts included in federal taxable income that would not otherwise be subject to Arizona taxation under the relevant federal regulations.

Applies retroactively to taxable years beginning on or after December 31, 2017.

Amends Arizona Revised Statutes section 43-1122 to add this new paragraph 25 to the list of allowable subtractions from Arizona gross income.

Also makes a technical correction to paragraph 24 regarding the definition of "legal tender," changing "for the payment of" to "to pay."