AZ SB1353

Amends section 43-1021 of Arizona Revised Statutes to add a new provision requiring taxpayers with net worth exceeding $50,000 to add one percent of their net worth to Arizona gross income for tax purposes.

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

Net worth is calculated as of December 31 of the taxable year.

Effective for taxable years beginning on or after December 31, 2023.