SB1221 amends Arizona tax laws to protect taxpayers from retroactive tax assessments and penalties.

SB1221 amends Arizona tax laws to ensure that new interpretations or applications of tax provisions do not adversely affect taxpayers prospectively. It mandates that the Arizona Department of Revenue must notify the Senate Finance Committee and the House of Representatives Ways and Means Committee before adopting a new interpretation or application that could penalize taxpayers. The bill also requires these committees to hold a hearing on the proposed change's impact on taxpayers.

SB1221 amends Arizona tax laws to protect taxpayers from retroactive tax assessments and penalties.

SB1221 amends Arizona tax laws to ensure that new interpretations or applications of tax provisions do not adversely affect taxpayers prospectively. It mandates that the Arizona Department of Revenue must notify the Senate Finance Committee and the House of Representatives Ways and Means Committee before adopting a new interpretation or application that could penalize taxpayers. The bill also requires these committees to hold a hearing on the proposed change's impact on taxpayers.