§ 42-1302 — Tax incentives; conditions

Arizona § 42-1302

• Jurisdiction: Arizona
• Title 42: Arizona Revised Statutes
• Ch. 1: ADMINISTRATION
• Art. 7: Military Reuse Zones

Text

A. A prime contractor may qualify for an exemption from transaction privilege tax with respect to activities in a military reuse zone as provided, and subject to the terms and conditions prescribed, by section 42-5075, subsection B, paragraph 4.

B. Taxable property in a military reuse zone that is devoted to providing aviation or aerospace services or to manufacturing, assembling or fabricating aviation or aerospace products qualifies for assessment as class six property as provided, and subject to the terms and conditions prescribed, by sections 42-12006 and 42-15006.

C. To qualify for a tax incentive described in subsection A or B of this section, the taxpayer shall provide to the department information relating to the amount of tax benefits the taxpayer receives each year for each year in which the taxpayer claims the incentives on forms prescribed by the department. If the taxpayer fails to provide the required information, the department shall immediately revoke the taxpayer's certification of eligibility.

D. Taxpayers who qualify for tax incentives under subsection B of this section shall be certified by the department as eligible for a five-year period, subject to termination in the event of changed circumstances rendering the taxpayer no longer eligible.