HB 2352 Summary

• Amends Arizona's pipeline property valuation method by revising terminology and definitions in section 42-14204 to clarify how full cash value is computed using the uniform system of accounts for pipelines.

• Adds section 42-14205 to allow adjustments to the base value of pipeline property when changed circumstances affect market value, including court rulings finding the statutory method produces values exceeding market value.

• Permits the Arizona Department of Revenue to adjust base values through binding court-approved stipulations in pending tax appeals between pipeline companies and the department.

• Allows the department to adjust base values by written agreement with pipeline companies to correct calculation errors in the full cash value of system plant in service.

• Applies retroactively to tax years beginning after December 31, 2015.