State SealARIZONA HOUSE OF REPRESENTATIVES

 

SB 1465: contributions in aid of construction

PRIME SPONSOR: Senator Livingston, LD 22

BILL STATUS: Ways and Means

 

 

Overview

Allows corporations to subtract from their gross taxable income the contribution amount in aid of construction of water and wastewater utilities ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note.

History

Prior to the passing of the Tax Cuts and Jobs Act (TCJA); corporations were permitted to subtract from their gross taxable income the total amount of contributions in the aid of construction of public water and wastewater utilities (P.L. 104-118 § 1613). The TCJA removed this special rule when it was passed by the U.S. Congress in 2017 (P.L. 115-97 § 13312).

Provisions

1.       Allows for a corporation to subtract from gross taxable income the amount of the contribution in the aid and advance in aid of construction for water and wastewater utilities. (Sec.1)

2.       Contains a retroactive effective date to taxable years from and after December 31, 2017. (Sec. 2)

3.       Makes a technical change. (Sec. 1)

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7.       Fifty-fourth Legislature                       SB 1465

8.       First Regular Session                            Version 1: Ways and Means

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