long-term storage credits; shortage; prohibition.

SB 1201 establishes a system for crediting water stored in Arizona for long-term use. It allows water users to earn credits (typically 95% of stored water) for qualifying storage, with reduced rates (e.g., 50%) for some effluent storage in specific facilities. The bill prohibits crediting Colorado River water or Central Arizona Project water during declared shortages. It directly affects agricultural and municipal water users holding storage permits, particularly those storing water in groundwater facilities or near protected areas.