AZ SB1280

Requires nonresident sellers of Arizona real property to file income tax returns and pay tax on sale proceeds, with the seller's address outside Arizona or the buyer being a foreign corporation not doing business in the state.

Creates a new tax on nonresident real estate sales under section 43-302, with tax amounts determined under existing individual income tax (chapter 10) or corporate income tax (chapter 11) provisions.

Directs tax revenues from nonresident real estate sales to two funds: 70% to the Housing Trust Fund (section 41-3955) and 30% to the Arizona Finance Authority Operations Fund (section 41-5352) for first-time homebuyer down payment assistance.

Amends the deed affidavit requirements under section 11-1133 to include a separate confidential affidavit from nonresident sellers containing their federal tax identification number and transaction dollar amounts.

Effective December 31, 2018.