AZ SB1581

Amends Arizona Revised Statutes Section 43-1021 to add a new item 16 to the list of amounts added to Arizona gross income for individual income tax purposes.

Requires taxpayers with net worth exceeding $50,000 as of December 31 of the taxable year to add one percent of their net worth to Arizona gross income.

Excludes the value of real property that the taxpayer owns and occupies as their primary residence from the net worth calculation.

Effective from and after December 31, 2021.