REFERENCE TITLE: technical correction; tax refund account

State of Arizona

Senate

Fifty-sixth Legislature

Second Regular Session

2024

SB 1471

Introduced by

Senator Kern

An Act

amending section 42-1117, Arizona Revised Statutes; relating to the department of revenue.

(TEXT OF BILL BEGINS ON NEXT PAGE)

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

Section 1. Section 42-1117, Arizona Revised Statutes, is amended to read:

START_STATUTE42-1117. Tax refund account

A. A tax refund account is established in the state general fund. The director of the department of administration shall draw all amounts necessary to make refunds under this article from the tax refund account.

B. At any time during the fiscal year if it appears that the amount in the tax refund account exceeds the amount required for refunds, the director of the department of administration shall transfer the excess amount from the account to the state general fund. If the transfer reduces the amount in the tax refund account below the amount required for refunds, the director of the department of administration shall adjust the amount transferred for redeposit in the tax refund account to pay such refunds. Any amount remaining in the tax refund account on June 30 of each year exceeding five hundred thousand dollars shall be transferred from the account to the state general fund. END_STATUTE