Bill Text: AZ SB1184 | 2016 | Fifty-second Legislature 2nd Regular | Introduced
Bill Title: Technical correction; bonds; tax considerations
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-01-21 - Referred to Senate RULES Committee [SB1184 Detail]
Download: Arizona-2016-SB1184-Introduced.html
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REFERENCE TITLE: technical correction; bonds; tax considerations |
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State of Arizona Senate Fifty-second Legislature Second Regular Session 2016
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SB 1184 |
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Introduced by Senator Lesko
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AN ACT
amending section 35‑511, Arizona Revised Statutes; relating to federal income tax considerations.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 35-511, Arizona Revised Statutes, is amended to read:
35-511. Definitions
In this article unless the context otherwise requires:
1. "Bond" means any bond, note, warrant, lease, lease purchase agreement or other interest bearing obligation issued pursuant to any provision of law by this state or any political subdivision.
2. "Political subdivision" means city, town, county, school district, community college district, multi‑county water conservation district, agriculture agricultural improvement district, industrial development authority, pollution control corporation, special taxing district in title 48 and any other agency, instrumentality, municipal corporation or other entity that is created by a law of this state which and that has the power to issue bonds.
3. "Rebate" means the payment of monies to the federal government pursuant to any law enacted by the Congress of the United States in consideration of retaining any exemption from federal income taxes for the interest income on an issuer's bonds.
4. "Treasurer" means the treasurer, finance director or other person acting in the capacity of the treasurer of this state or any political subdivision.
