SB 1671 Summary

• Amends Arizona Revised Statutes section 43-1122 to add a new subtraction from Arizona gross income for corporations related to water and sewage system contributions.

• Allows public service corporations operating water or sewage systems to subtract contributions in aid of construction from taxable income.

• Defines "contribution in aid of construction" as monies or property contributed to expand, improve, or replace water or sewage facilities, including amounts subject to contingent repayment obligations.

• Applies retroactively to taxable years beginning after December 31, 2019.