Arizona Laws 42-1117. 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.
Terms Used In Arizona Laws 42-1117
- Department: means the department of revenue. See Arizona Laws 42-1001
- Director: means the director of the department. See Arizona Laws 42-1001
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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 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.