ARIZONA HOUSE OF REPRESENTATIVES Fifty-fourth Legislature Second Regular Session
	Senate: FIN DP 8-0-2 -0 | 3^rd Read 30-0-0-0 House: WM DP W/D | 3^rd Read 55-0-5-0

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SB 1296: internal revenue code; conformity.

Sponsor: Senator Mesnard, LD 17

Transmitted

Overview

Conforms Arizona tax statutes to reflect changes made to the Internal Revenue Code (IRC) as of January 1, 2020.

History

The Arizona State Legislature periodically updates the statutory definition of IRC to include any federal provisions that became effective in the preceding calendar year. These changes are made to parallel the computation of Arizona income tax and other statutory references to the amended IRC provisions. Tax conformity with the IRC is deemed necessary because the calculation of Arizona corporate income tax liability begins with federal taxable income. Similarly, federal adjusted gross income is the starting point for individual income tax assessment.

Provisions

1. Updates the definition of Internal Revenue Code to include provisions that are in effect as of January 1, 2020. (Sec. 1)

2. Makes technical and conforming changes. (Sec. 1)

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6.                   SB 1296

7. Initials: VP/EB       Page 0 Transmitted

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