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AZ SB1494

Bill

Official Source

Status

Engrossed

2/22/2021

Primary Sponsor

David Livingston

Click for details

Origin

Senate

Fifty-fifth Legislature - First Regular Session (2021)

AI Summary

  • Amends Arizona Revised Statutes section 43-1122 to allow corporations to subtract Federal Deposit Insurance Corporation (FDIC) premiums from Arizona gross income when calculating taxable income.

  • Applies subtraction only to FDIC premiums that are disallowed as a deduction for federal income tax purposes under Internal Revenue Code section 162(r).

  • Applies retroactively to all taxable years beginning from and after December 31, 2019.

Legislative Description

Income tax; subtraction; FDIC premiums

Income Tax

Last Action

House read second time

3/3/2021

Committee Referrals

Rules3/2/2021
Ways and Means2/22/2021
Rules2/2/2021
Finance2/1/2021

Full Bill Text

No bill text available