GPLET; notice; abatement period

SB 1050 establishes a commercial government property lease excise tax in Arizona, requiring government entities (like cities or counties) that lease property to businesses to collect an annual tax. It mandates that lessors record leases with county recorders within 30 days, maintain a public online database with specific details (including parcel numbers, lease terms, and tax amounts), and submit annual tax returns to county treasurers by December 1. The bill directly affects government lessors and businesses leasing government-owned property, requiring them to provide tax documentation and comply with reporting rules. The bill passed the legislature in March 2025 but was vetoed by the governor on April 7, 2025.