HB 2463 Summary

• Amends Arizona Revised Statutes Section 42-1117 regarding the tax refund account within the state general fund.

• Clarifies that the director of the department of administration (not the department of revenue) draws all amounts necessary from the tax refund account to make refunds.

• Authorizes the director to transfer excess amounts from the tax refund account back to the state general fund during the fiscal year if the account balance exceeds what is needed for refunds.

• Requires that any amount remaining in the tax refund account on June 30 of each year exceeding $500,000 shall be transferred to the state general fund.