SB1057 is a bill that updates Arizona's tax statutes to conform with the U.S. Internal Revenue Code (IRC) as of January 1, 2024. This update includes all federal provisions that became effective during the year 2023, with the specific adoption of their retroactive effective dates, but excludes any changes to the IRC enacted after January 1, 2024. The bill is designed to ensure that Arizona's tax calculations for corporate and individual income taxes align with the federal tax system.

The bill makes technical and conforming changes to the Arizona Revised Statutes, specifically sections 42-1001 and 43-105, to reflect the updated definition of the "Internal Revenue Code." It also specifies that for taxable years beginning from and after December 31, 2023, the term "internal revenue code" refers to the IRC as amended and in effect on January 1, 2024. The bill excludes any changes to the IRC enacted after this date. The bill becomes effective on the general effective date.

Statutes affected:
Introduced Version: 42-1001, 43-105
Senate Engrossed Version: 42-1001, 43-105