AZ HB2365

Requires publicly traded corporations and corporations with 50% or more voting stock owned by publicly traded corporations that do business in Arizona to file annual disclosure statements with the Department of Revenue within 30 days of their Arizona tax return due date (or 90 days after federal return filing if not required to file in Arizona).

Disclosure statements must include corporate identification information, NAICS code, Arizona gross income, cost of goods sold, taxable income, apportionment factors, business and non-business income, tax credits, tax due and paid, management fees and royalties paid to affiliates, and employment data.

Requires statements to be attested to in writing by the corporation's chief operating officer and subjects them to audit by the Department of Revenue under normal procedures; establishes an oversight and penalty system for non-compliance with published penalties for corporations failing to file or filing inaccurate statements.

Makes all filed statements public records and requires the Department of Revenue to maintain a searchable database on its website with statements available for two years after the tax year ends; allows the department to charge fees for database copies on computer-readable media.

Requires corporations to file revised statements within 60 days if they file amended returns or if their tax liability is changed by audit adjustments or final court determinations.