ARRAYFORMULA to calculate DATE that is one year later than the given date?

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Check your quotes. When I copy/pasted your original, it contained “smart quotes”.

This works for me:

=ARRAYFORMULA(IF(D2:D<>"", DATE(YEAR(D2:D)+1,MONTH(D2:D),DAY(D2:D)), ""))

But regardless, much better to do this in the GDE (unless you actually need the data in the Google Sheet).