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)
REFERENCE TITLE: technical correction; tax refund account
State of Arizona Senate Fifty-sixth Legislature Second Regular Session 2024
SB 1471
Introduced by Senator Kern
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
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