REFERENCE TITLE: tax exemption; technical correction

State of Arizona House of Representatives Fiftieth Legislature Second Regular Session 2012

HB 2102

Introduced by Representative Court

 

AN ACT

 

amending section 35-741, arizona revised statutes; relating to industrial development bonds.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 35-741, Arizona Revised Statutes, is amended to read:

START_STATUTE35-741.  Exemption from taxation

The corporation and its income and all bonds issued by it and the income therefrom shall be exempt from all taxation in this state, except that property of the corporation shall be subject to all applicable ad valorem taxes.  If such property is leased, such ad valorem taxes shall be charged to the lessee as fully as if the lessee were the owner of such leased property except that no ad valorem tax shall be imposed upon on any property of the corporation which that is leased to a person qualified for exemption from such taxes by article 9  IX, section 2, Constitution of Arizona, and no charge for such a tax shall be made to any such lessee. END_STATUTE