SB1092 Summary

• Adds two new additions to Arizona gross income for individuals (section 43-1021, paragraphs 17-18) and corporations (section 43-1121, paragraphs 25-26) for taxable years beginning after December 31, 2024: net capital losses from foreign currency transactions and virtual currency transactions.

• Adds two new subtractions from Arizona gross income for individuals (section 43-1022, paragraphs 31-32) and corporations (section 43-1122, paragraphs 24-25) for taxable years beginning after December 31, 2024: net capital gains from foreign currency transactions and virtual currency transactions.

• Defines "foreign currency" as coin and paper money of countries other than the United States designated as legal tender, circulating, and customarily used as medium of exchange in the country of issuance.

• Defines "virtual currency" by reference to the meaning prescribed in section 43-1028 for both individual and corporate taxpayers.