AZ HB2075

Amends Arizona Revised Statutes section 42-5075 to expand the definition of eligible entities for senior housing construction tax exemptions under the prime contracting classification.

Extends eligibility for the gross proceeds deduction to include senior housing owned by limited partnerships or limited liability companies where the general partner or managing member is a nonprofit corporation recognized as tax exempt under Internal Revenue Code sections 501(c)(3) or 501(c)(4).

Adds eligibility for single-purpose entities that are wholly owned by one or more nonprofit corporations recognized as tax exempt under Internal Revenue Code sections 501(c)(3) or 501(c)(4).

Applies the amendments retroactively to taxable periods beginning from and after December 31, 2023.