The Arizona Department of Revenue has reported for four consecutive fiscal years that no corporate taxpayers have claimed the income tax credit for employment by a healthy forest enterprise, agricultural pollution control equipment and donation of a school site.
Pursuant to A.R.S. § 43-224, for taxable years 2020 and after, corporate taxpayers will no longer be eligible for a corporate income tax credit for:
- Employment by a healthy forest enterprise (Arizona Form 332)
- Agricultural pollution control equipment (Arizona Form 325)
- Donation of a school site (Arizona Form 331)
These tax credits will still be available to individual taxpayers. The repeal of the corporate in-come tax credits per §§ 43-1162, 43-1170.01 and 43-1181 will be included in the department’s 2020 technical correction bill. This legislation must be enacted for the repeal to become effective.
Thursday, Dec. 26, 2019