AZ SB1485

Amends section 43-1021 of the Arizona Revised Statutes to add a new provision to individual income tax calculations.

Adds a new paragraph 20 requiring taxpayers with a net worth exceeding $50,000 as of December 31 to include one percent of that net worth as an addition to Arizona gross income.

Excludes the value of real property owned and occupied by the taxpayer as their primary residence from the net worth calculation for this new tax provision.

Effective for taxable years beginning after December 31, 2020.