To exclude the Arizona Families Tax Rebate from Federal income tax.

For purposes of the Internal Revenue Code of 1986, gross income shall not include any amount received by an individual as an Arizona Families Tax Rebate payment.

For purposes of this section, the term Arizona Families Tax Rebate Payment means any amount received by or on behalf of an individual—

(1) pursuant to Arizona Senate Bill 1734, and

(2) which is issued by the Arizona Department of Revenue with respect to the 2023 taxable year.