AZ SB1049

Amends Arizona Revised Statutes Section 43-312 to require escrow agents licensed under Section 6-813 to file information returns on real property sales by March 31 for transactions closed by December 31 of the preceding year.

Requires the Department of Revenue to report annually by June 30 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 nonresident real estate sales.

Directs the Department of Revenue to collaborate with stakeholders by December 31, 2026 to develop recommendations for ensuring taxpayer compliance and identifying best practices to enforce and collect capital gains taxes from nonresidents on income allocable to Arizona.

Requires the department to include compliance recommendations in its annual June 30, 2027 report to legislative leadership and state budgeting officials.

Section 2 of the act is repealed on December 31, 2027.