AZ SB1056

Amends Arizona Revised Statutes Section 43-312 to require escrow agents licensed under Section 6-813 to file information returns of real property sales in Arizona that are reported under federal requirements (Internal Revenue Code Section 6045(e)).

Changes the filing deadline from "the thirty-first day of March" to "March 31" for sales closed on or before December 31 of the preceding calendar year.

Requires the information return to use the same form and format filed with the Internal Revenue Service under Section 6045(e).

Mandates the Department report by June 30 each year to the joint legislative budget committee, governor's office of strategic planning and budgeting, president of the senate, and speaker of the house on revenue collected from real estate sales by nonresidents in the prior tax year.

Originally required a one-time report by June 30, 2020 estimating capital gains tax paid by nonresidents on Arizona real estate transactions based on available IRS data.