AZ HB2007

Amends Arizona Revised Statutes section 43-1092 regarding nonresident income tax treatment of intangible personal property.

Changes language in subsection B from "income received by nonresidents which is derived" to "income received by nonresidents that is derived" (grammar correction).

Changes "taxable income of this state" to "taxable income in this state" regarding small business corporation S-election income for nonresidents.

Income from stocks, bonds, notes, and other intangible property of nonresidents remains non-taxable unless the property has a business situs in Arizona or the nonresident regularly buys/sells such property in-state for at least six months.

Clarifies that nonresidents receiving income from small business corporations making S-elections under section 43-1126 must report that income as taxable in Arizona.