HB 2458 Summary

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

• Requires that homeless youth and family funding from nonresident real estate sales supplements rather than replaces funding from other sources.

• Allows use of nonresident real estate tax collections exceeding $10,000,000 for other housing trust fund projects and programs.

• Allocates $2,000,000 of nonresident real estate sales tax to the state general fund, with remaining amounts after this allocation directed to the housing trust fund.

• Becomes effective for taxable periods beginning January 1, 2023 and after.