HB2875 Summary

• Amends section 42-1129 to modify the definition of timely electronic tax payment by deeming payment made at the date and time the taxpayer authorizes the electronic funds transfer from their financial institution, rather than when funds are received by the department.

• Expands acceptable evidence of timely payment to include electronic payment confirmations from the department, the taxpayer's financial institution, or a department-certified vendor.

• Allows the Department of Revenue to abate penalties for late electronic payments through December 31, 2024, if taxpayers provide reasonable evidence from their financial institution or the department showing successful and timely authorization of the electronic transfer.

• Exempts the Department of Revenue from rulemaking requirements under Arizona Revised Statutes title 41, chapter 6, for one year following the act's effective date.