SB 1416 Summary

• Amends Arizona Revised Statutes section 42-6106 regarding county transportation excise taxes.

• Requires counties that improperly levied a county transportation excise tax to reduce their general excise tax rate by an amount equal to the improperly collected tax rate.

• Defines "rate reduction period" as the time necessary to exhaust net revenues that were improperly collected, minus amounts refunded under section 42-1118 during the first year of the refund period.

• Applies to taxable periods beginning on or after the first day of the month following the act's general effective date.