ARIZONA HOUSE OF REPRESENTATIVES

HB2522: conformity; internal revenue code; rates.

PRIME SPONSOR: Representative Toma, LD 22

BILL STATUS: Ways & Means

Overview

Conforms Arizona's income tax calculation to the changes made to the internal revenue code effective on January 1, 2018.

History

Current A.R.S. §43-105 does not conform to current internal revenue code, as amended, and in effect on January 1, 2018, including provisions effective in 2017, the bipartisan act of 2018 and the consolidated appropriations act of 2018.

Generally, each year changes are made to the internal revenue code that Arizona must choose to conform to.

Provisions

1. Conforms Arizona's income tax calculation for the taxable year beginning from and after December 31, 2017 through December 31, 2018 to the internal revenue code of 1986, as amended, in effect on January 1, 2018. (Sec. 1)

2. Reduces the individual income tax rate for the taxable year beginning from and after December 31, 2017 through December 31, 2018 by .11 percent from the rates prescribed in A.R.S. §43-1011(A)(5). (Sec. 1)

3. Specifies the individual income tax rate for taxable years from and after December 31, 2018 are the rates prescribed in A.R.S. §43-1011(A)(5). (Sec. 1)

4. Repeals Section 1 from and after December 31, 2019.

5. Applies retroactively to taxable years beginning from and after December 31, 2017. (Sec. 2)

6. Includes an emergency clause. (Sec. 3)

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10. Fifty-fourth Legislature                       HB 2522

11. First Regular Session                            Version 1: Ways & Means

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