HB2688 Summary

• Updates Arizona's definition of "internal revenue code" in tax law to reference the federal Internal Revenue Code as amended and in effect on January 1, 2025, instead of January 1, 2024.

• Includes federal tax law provisions that became effective during 2024 with retroactive effective dates for taxable years beginning after December 31, 2024.

• Excludes any changes to the federal Internal Revenue Code enacted after January 1, 2025.

• Establishes a new subsection (A) for taxable years beginning after December 31, 2024, and redesignates existing subsections (A) through (K) as subsections (B) through (K) to accommodate the updated provision.