The Arizona Department of Revenue has reported for four consecutive fiscal years that no individual taxpayers have claimed the income tax credit for Renewable Energy Investment and Production for Self-Consumption by International Operations Centers (Arizona Form 351).
Pursuant to A.R.S. § 43-224, for taxable years 2019 and after:
- Individual taxpayers including members of a limited liability company (LLC) and shareholders of an S corporation will no longer be eligible for an individual income tax credit for the Renewable Energy Investment and Production for Self-Consumption by International Operations Centers.
- This tax credit will still be available to corporate taxpayers.
- The repeal of the individual tax credit will be included in the department’s 2019 technical correction bill. This legislation must be enacted for the repeal to become effective.