AZ HB2043

Adds new paragraph 21 to section 43-1021 allowing individuals to add net capital losses from exchanges of one kind of legal tender for another kind of legal tender, where legal tender is defined as currency authorized by the U.S. Constitution or Congress and may include specie (coins with precious metal content).

Adds new paragraph 31 to section 43-1022 allowing individuals to subtract net capital gains from legal tender exchanges from Arizona gross income under the same definitions.

Adds new paragraph 9 to section 43-1121 allowing corporations to add net capital losses from legal tender exchanges to Arizona gross income.

Adds new paragraph 25 to section 43-1122 allowing corporations to subtract net capital gains from legal tender exchanges from Arizona gross income.

Takes effect for taxable years beginning after December 31, 2016.