AZ SB1331

Amends Arizona Revised Statutes section 43-1022 to modify the income tax subtraction for net long-term capital gains derived from assets acquired after December 31, 2011.

Changes the capital gains subtraction rate from 25% (previously applicable through December 31, 2014) to apply through December 31, 2025 for taxable years beginning after that date.

Allows taxpayers to subtract 25% of net long-term capital gains included in federal adjusted gross income, with the subtraction applying to assets acquired after December 31, 2011 (or when acquired by prior transferors if received by gift or inheritance).

Requires verification of asset acquisition date to claim the subtraction; subtraction is not allowed if the acquisition date cannot be verified.