Bill > HB2487

This bill requires publicly traded corporations, including those traded on foreign exchanges and those with a publicly traded parent company, that do business in Arizona to file annual corporate disclosure statements with the commission, which is the Arizona Corporation Commission. These statements, due shortly after tax return deadlines or federal tax return filings if no Arizona return is required, must include detailed financial information related to their Arizona operations, ownership structure, industry classification, and tax filings, as well as specific data on intercompany payments, sales factors, nonbusiness income, unitary group details, employment figures, and profits before tax. Corporations not required to file an Arizona tax return can opt to file an alternative statement with basic identification and an explanation for non-filing, along with their gross receipts range in Arizona. Revised statements are required within sixty days of amended tax returns or final audit determinations. These statements will become public records, accessible through a searchable database on the commission's website, and will be retained for a specific period. The accuracy of these statements must be attested to by the corporation's chief operating officer and are subject to audit, with penalties for late or inaccurate filings, and the commission will publish the names of penalized corporations and the penalties imposed. The bill also defines "corporation" and "doing business in this state" for the purposes of these disclosures.

Budget and Finance, Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/84264