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AZ SB1389

Bill

Official Source

Status

Introduced

1/31/2011

Primary Sponsor

Stephen Pierce

Click for details

Origin

Senate

Fiftieth Legislature - First Regular Session (2011)

AI Summary

  • Adds a new subtraction from Arizona gross income equal to 57% of any net capital gain included in federal adjusted gross income for individual taxpayers.

  • Extends the same 57% capital gains subtraction to corporations by amending section 43-1122 to include the new provision.

  • Applies retroactively to taxable years beginning on or after December 31, 2010.

  • Makes conforming changes to grammar in existing statutes by replacing "which" with "that" in several provisions.

Legislative Description

Taxation of capital gains; subtraction

Last Action

Referred to Senate FIN Committee

2/1/2011

Full Bill Text

No bill text available