AZ SB1171

Updates Arizona's conformity with the federal Internal Revenue Code from January 1, 2022 to January 1, 2023 for tax purposes under Section 42-1001.

Adds a new subsection for taxable years beginning after December 31, 2022, conforming Arizona income tax computation to the federal Internal Revenue Code as of January 1, 2023.

Extends the definition of Internal Revenue Code for tax years 2021-2022 to include retroactively effective provisions from the CHIPS and Science Act of 2022 (P.L. 117-167), Inflation Reduction Act of 2022 (P.L. 117-169), and Consolidated Appropriations Act, 2023 (P.L. 117-328).

Maintains existing conformity provisions for all prior taxable years beginning from 2011 through 2022.

Approved by the Governor on March 3, 2023.