AZ HB2464

Amends Arizona Revised Statutes section 43-1022 to modify the subtraction for net long-term capital gains from assets acquired after December 31, 2011.

Extends the phase-out schedule for capital gains taxation through December 31, 2019, increasing the percentage of net long-term capital gains that can be subtracted annually (from 25% through 2014 to 100% by 2020).

Adds new subtraction percentages: 40% (2015-2016), 55% (2016-2017), 70% (2017-2018), 85% (2018-2019), and 100% (2019 onward).

Provides that transferees receiving assets by gift or inheritance are considered to have acquired the asset when the original transferor acquired it, with no subtraction allowed if acquisition date cannot be verified.

Applies exclusively to net long-term capital gains derived from investments in assets acquired after December 31, 2011, and included in federal adjusted gross income.