Arizona Revised Statutes § 43-1178 Credit For Taxes With Respect To Coal Consumed In Generating Electrical Power

43-1178. Credit for taxes with respect to coal consumed in generating electrical power

A. A credit is allowed against the taxes imposed by this title for a taxpayer that purchases coal consumed in generating electrical power in this state. The credit is equal to thirty per cent of the amount paid by the seller or purchaser as transaction privilege or use tax with respect to the coal sold to the taxpayer.

B. Co-owners of a business, including corporate partners in a partnership, may claim only the pro rata share of the credit allowed under this section based on the ownership interest. The total of the credits allowed all of the owners of the business may not exceed the amount that would have been allowed for a sole owner of the business.

C. If the allowable tax credit exceeds the taxes otherwise due under this title on the claimant's income, or if there are no taxes due under this title, the amount of the claim not used as an offset against income taxes may be carried forward to the next five consecutive taxable years as a credit against subsequent years' income tax liability.

D. The credit under this section is in lieu of any allowance for state tax purposes for a deduction for the expenses allowed by the internal revenue code.

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Last modified: October 13, 2016