Company: NAZ
Filing Date: 2025-02-28
Form Type: N-2
Source: 0001839882-25-012465
Chunk: 40

Company: NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-02-28
Form: N-2
Chunk 40
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 a portion of such benefits as a result of receiving investment income, including exempt-interest dividends and other distributions paid by the Fund. The Fund may be required to withhold (as “backup withholding”) U.S. federal income tax from distributions (including exempt-interest dividends) and repurchase proceeds payable to a shareholder if the shareholder fails to provide the Fund with his or her correct taxpayer identification number or to make required certifications, or if the shareholder has been notified by the IRS that he or she is subject to backup withholding. The backup withholding rate is 24%. Backup withholding is not an additional tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may be credited against a shareholder’s U.S. federal income tax liability. The Fund may invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax. If you are, or as a result of investment in the Fund would become, subject to the federal alternative minimum tax, the Fund may not be a suitable investment for you. In addition, distributions of taxable ordinary income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and not eligible for favorable taxation as “qualified dividend income”), and capital gain dividends will be taxable as long-term capital gains. Arizona Tax Matters.The Fund’s regular monthly dividends will not be subject to Arizona personal income tax to the extent they are paid out of income earned on obligations that, when held by individuals, pay interest that is exempt from taxation by Arizona under Arizona law (e.g., obligations of Arizona and its political subdivisions) or federal law, so long as at the close of each quarter of the Fund’s taxable year at least 50% of the value of the Fund’s total assets consists of such obligations and the Fund designates such tax-exempt distributions pursuant to certain written notice requirements to its shareholders. The portion of the Fund’s monthly dividends that is attributable to income other than as described in the preceding sentence will be subject to the Arizona income tax. The Fund expects to earn no or only a minimal amount of such non-exempt income. If you are an individual Arizona resident, you will be subject to Arizona personal income tax to the extent the Fund distributes any realized capital gains, or if you sell or exchange shares and realize a capital gain on the transaction. Other State and Local Tax Matters. While exempt-interest dividends are exempt from regular federal and Arizona income taxes, they may not be exempt from other state or local income or other taxes. Some states exempt from state income