AZ HB2133

Adds a new subtraction from Arizona gross income for individuals allowing them to exclude any net capital gain from federal adjusted gross income derived from investments in capital assets acquired after December 31, 2011.

Requires the Arizona Department of Revenue to provide a designated space on the individual income tax return form for taxpayers to claim this capital gains subtraction.

Extends the same capital gains subtraction to corporations by amending section 43-1122 to include this provision in the list of allowable subtractions from Arizona gross income.

Applies retroactively to all taxable years beginning on or after December 31, 2011.