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AZ SB1461

Bill

Official Source

Status

Engrossed

2/14/2022

Primary Sponsor

David Livingston

Click for details

Origin

Senate

Fifty-fifth Legislature - Second Regular Session (2022)

AI Summary

SB1461 Summary

  • Adds a new subtraction from Arizona corporate gross income for federal deposit insurance corporation (FDIC) premiums that are disallowed as a federal income tax deduction under Internal Revenue Code section 162(r).

  • Applies the FDIC premium subtraction retroactively to all taxable years beginning after December 31, 2019.

  • Amends section 43-1122, Arizona Revised Statutes, which lists deductions corporations may subtract when computing Arizona taxable income.

Legislative Description

Income tax; subtraction; FDIC premiums

Income Tax

Last Action

House read second time

3/3/2022

Committee Referrals

Rules3/2/2022
Ways and Means2/14/2022
Rules1/27/2022
Finance1/27/2022

Full Bill Text

No bill text available