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Arizona Governor Signs Law Concerning Unused Individual, Corporate Income Tax Credits

April 8, 2021, 5:00 AM

The Arizona Governor April 5 signed a law relating to individual income and corporate income tax credits. The law includes measures: 1) decreasing the length of time from four years to three years before the Director of the Department of Revenue must terminate an unused tax credit; 2) prohibiting the director from terminating the recognition and servicing of a tax credit that is subject to Commerce Authority preapproval, unless over a consecutive three-year period the statutory conditions are met; 3) allowing the continued use of carried forward amounts for the remainder of the carryforward period, if the credit has unused...

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