SB 1579 - Tax Corrections Act of 2022

• Repeals sections 43-1076 and 43-1081 (income tax credits for pollution control equipment and forest health enterprise employment) and consolidates remaining pollution control credit under section 43-1081.01 with a $25,000 annual maximum.

• Amends section 43-1311 to reduce estate and trust tax rates retroactively to taxable years beginning December 31, 2020, with rates declining from 2.59% to 2.5% by 2023.

• Adds section 43-1382 creating a credit for partners and S corporation shareholders whose entities elect entity-level taxation under section 43-1014, allowing carryforward of unused credits for up to five years.

• Adds section 43-1026 preventing duplicate additions and subtractions between individual income tax returns and Arizona small business income tax returns for the same amounts.

• Updates renewable energy and forest products property tax classifications, extends withholding requirements to fantasy sports and event wagering operators, and makes technical corrections to various tax code sections.