State Codes and Statutes

Statutes > Arizona > Title43 > 43-1180

43-1180. Credit for taxpayers participating in agricultural preservation district

A. For taxable years beginning from and after December 31, 2000 and ending before January 1, 2006, a credit is allowed in lieu of any other deduction or credit against taxes imposed by this title for a taxpayer who owns property classified as class two property under section 42-12002 and who conveys ownership or development rights of the property to an agricultural preservation district under section 48-5702. Except as provided in subsection B of this section, the amount of the credit is either:

1. The appraised value of the property if the taxpayer conveys the ownership of the property to the district.

2. The difference between the appraised value of the undeveloped land and the appraised value of the land for development purposes if the taxpayer conveys the development rights of the property to the district.

B. To receive a tax credit under this section, a taxpayer must apply to the agricultural preservation district, on a form prescribed by the district, on or before January 15 following the calendar year in which the conveyance or close of escrow occurred. On or before February 15, the district shall review and determine the qualification for and amount of the credit for each taxpayer and issue a certificate to each qualifying applicant stating the appraisal amount and the amount of the credit. The taxpayer shall claim the credit on the next tax return filed after receiving the certificate from the district. The district shall not certify tax credits under this section in any calendar year exceeding thirty-three thousand dollars. If qualifying applications exceed thirty-three thousand dollars, the district shall proportionately reduce the amount of the credit awarded to each taxpayer

C. Co-owners of the property, including corporate partners in a partnership, may each 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 such owners may not exceed the amount that would have been allowed a sole owner.

D. If the allowable tax credit exceeds the taxes 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 to offset the taxes under this title shall be paid in the same manner as a refund granted under section 42-1118. Refunds made pursuant to this section are subject to setoff under section 42-1122.

State Codes and Statutes

Statutes > Arizona > Title43 > 43-1180

43-1180. Credit for taxpayers participating in agricultural preservation district

A. For taxable years beginning from and after December 31, 2000 and ending before January 1, 2006, a credit is allowed in lieu of any other deduction or credit against taxes imposed by this title for a taxpayer who owns property classified as class two property under section 42-12002 and who conveys ownership or development rights of the property to an agricultural preservation district under section 48-5702. Except as provided in subsection B of this section, the amount of the credit is either:

1. The appraised value of the property if the taxpayer conveys the ownership of the property to the district.

2. The difference between the appraised value of the undeveloped land and the appraised value of the land for development purposes if the taxpayer conveys the development rights of the property to the district.

B. To receive a tax credit under this section, a taxpayer must apply to the agricultural preservation district, on a form prescribed by the district, on or before January 15 following the calendar year in which the conveyance or close of escrow occurred. On or before February 15, the district shall review and determine the qualification for and amount of the credit for each taxpayer and issue a certificate to each qualifying applicant stating the appraisal amount and the amount of the credit. The taxpayer shall claim the credit on the next tax return filed after receiving the certificate from the district. The district shall not certify tax credits under this section in any calendar year exceeding thirty-three thousand dollars. If qualifying applications exceed thirty-three thousand dollars, the district shall proportionately reduce the amount of the credit awarded to each taxpayer

C. Co-owners of the property, including corporate partners in a partnership, may each 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 such owners may not exceed the amount that would have been allowed a sole owner.

D. If the allowable tax credit exceeds the taxes 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 to offset the taxes under this title shall be paid in the same manner as a refund granted under section 42-1118. Refunds made pursuant to this section are subject to setoff under section 42-1122.


State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title43 > 43-1180

43-1180. Credit for taxpayers participating in agricultural preservation district

A. For taxable years beginning from and after December 31, 2000 and ending before January 1, 2006, a credit is allowed in lieu of any other deduction or credit against taxes imposed by this title for a taxpayer who owns property classified as class two property under section 42-12002 and who conveys ownership or development rights of the property to an agricultural preservation district under section 48-5702. Except as provided in subsection B of this section, the amount of the credit is either:

1. The appraised value of the property if the taxpayer conveys the ownership of the property to the district.

2. The difference between the appraised value of the undeveloped land and the appraised value of the land for development purposes if the taxpayer conveys the development rights of the property to the district.

B. To receive a tax credit under this section, a taxpayer must apply to the agricultural preservation district, on a form prescribed by the district, on or before January 15 following the calendar year in which the conveyance or close of escrow occurred. On or before February 15, the district shall review and determine the qualification for and amount of the credit for each taxpayer and issue a certificate to each qualifying applicant stating the appraisal amount and the amount of the credit. The taxpayer shall claim the credit on the next tax return filed after receiving the certificate from the district. The district shall not certify tax credits under this section in any calendar year exceeding thirty-three thousand dollars. If qualifying applications exceed thirty-three thousand dollars, the district shall proportionately reduce the amount of the credit awarded to each taxpayer

C. Co-owners of the property, including corporate partners in a partnership, may each 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 such owners may not exceed the amount that would have been allowed a sole owner.

D. If the allowable tax credit exceeds the taxes 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 to offset the taxes under this title shall be paid in the same manner as a refund granted under section 42-1118. Refunds made pursuant to this section are subject to setoff under section 42-1122.