AZ HB2504

Adds a new subtraction from Arizona adjusted gross income (paragraph 36) allowing taxpayers to exclude a percentage of net capital gains, phased in over three years.

For tax years 2011-2012, taxpayers can subtract 33% of net capital gains from their Arizona gross income.

For tax years 2012-2013, the subtraction increases to 66% of net capital gains.

For tax years beginning after December 31, 2013, taxpayers can subtract 100% of net capital gains, completely eliminating the capital gains tax.

Extends the same capital gains subtraction to corporations through amendments to section 43-1122.