The consensus of opinion this time last year was that *yes* , paying the PEET by 12/31/xx gives rise to a deduction on the Federal return.   There were some opinions that said *nope* as the liability isn't actually set in stone until the actual filing of the state return in the following year and the PEET election is perfected.

As to AZ forms to use....  don't know (I'm in CA).   

Paging @BobKamman