AZ HB2480

Establishes that up to $10,000,000 in tax collections from nonresident sales of real property must be deposited annually into the housing trust fund exclusively for capital projects, housing, rental assistance, and services for homeless youth and families.

Requires that homeless youth and family funding from nonresident real estate sales supplement, rather than replace, funding from other sources.

Allows the department to use housing trust fund monies exceeding $10,000,000 from nonresident real estate sales for other projects and programs.

Directs $2,000,000 of nonresident real estate sales tax collections to the state general fund, with remaining amounts after that distribution going to the housing trust fund.

Applies to taxable periods beginning after December 31, 2020.