Company: NAZ
Filing Date: 2025-04-15
Form Type: N-2/A
Source: 0001999371-25-004231
Chunk: 112

Company: NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-04-15
Form: N-2/A
Chunk 112
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 qualify as a RIC under Subchapter M of the Code, that it will satisfy the conditions which will cause distributions of the Fund to qualify as exempt-interest dividends to shareholders for federal and Arizona purposes, and that it will make such distributions of income and gains as are necessary to qualify to be taxed as a RIC for federal income tax purposes. If at the close of each quarter of the Fund’s taxable year at least 50% of the value of its total assets consists of obligations that, when held by individuals, pay interest that is exempt from tax by Arizona under Arizona or federal law, then distributions by the Fund that are attributable to interest on any such obligation will not be subject to the Arizona personal income tax. All other distributions, including distributions attributable to capital gains, will be includable in gross income for purposes of the Arizona personal income tax. Interest on indebtedness incurred or continued for the purpose of acquiring or maintaining an investment in Common Shares will not be deductible for purposes of the Arizona personal income tax. Gain on the sale, exchange, or other disposition of holders of Common Shares will be subject to the Arizona personal income. Present Arizona law taxes both long-term and short-term capital gains at the rates applicable to ordinary income. In addition, any loss realized by a holder of Common Shares upon the sale of shares held for six months or less may be disallowed to the extent of any exempt interest dividends received with respect to such shares. Moreover, any loss realized upon the sale of Common Shares within thirty days before or after the acquisition of other Common Shares may be disallowed under the “wash sale” rules. Common Shares may be subject to the Arizona estate tax if held by a Arizona decedent at the time of death. Holders of Common Shares are advised to consult with their own tax advisors for more detailed information concerning Arizona tax matters. Other State and Local Tax Matters. The exemption from U.S. federal and Arizona income tax for exempt-interest dividends generally does not result in exemption for such dividends under the income or other tax laws of any state or local taxing authority. In some states, however, the portion of any exempt-interest dividends derived from interest received by the Fund on its holdings of that state’s securities and those of its political subdivisions and instrumentalities is exempt from the state’s income tax. The Fund will report annually to its shareholders the percentage of interest income earned by the Fund during the preceding year on tax-exempt obligations indicating, on a state-by-state basis, the source of such income. Shareholders of the Fund are advised to