The Arizona Revised Statutes have been updated to include the revised sections from the 53rd Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 1st Regular Session, which convenes in January 2019.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. If the director determines that any of the amounts distributed pursuant to this article during the preceding twenty-four months are incorrect, the director shall adjust future monthly distributions to correct any overages or shortages as provided in this section. The director shall distribute vehicle license tax revenues in accordance with the adjusted distributions determined pursuant to this section.
B. An adjustment to the amount distributed shall not be initiated pursuant to this section more than twenty-four months after the original distribution.
C. The director shall adjust the distributions as follows:
1. In the case of overages, the director shall reduce the subsequent monthly distribution by the amount of the overage if the remaining distribution is at least seventy-five per cent of the amount that would otherwise have been distributed to the recipient. If the entire amount of the required adjustment cannot be made in a single month, the director shall repeat the procedure in subsequent months until the overage is corrected.
2. In the case of shortages, the director shall increase the subsequent monthly distribution by the amount of the shortage, if the total amount of all of the increases in a single month does not exceed the total amount of all of the reductions made pursuant to paragraph 1 in that month. If the total of all reductions in a month is less than the amount of the increases, the director shall proportionally reduce the increases.