The bill SB1092 amends Arizona tax law to allow individual and corporate taxpayers to adjust their gross income calculations by including capital gains and losses derived from foreign currency and virtual currency transactions, starting from the tax year 2025. Specifically, taxpayers will be required to add any net capital losses and subtract any net capital gains from these transactions when computing their Arizona adjusted gross income. The bill also defines "foreign currency" and "virtual currency" for clarity in the context of these transactions.

This legislation introduces new provisions that were not present in current law, which did not specifically address the treatment of capital gains and losses from foreign and virtual currency transactions. The changes aim to provide a clearer framework for taxpayers engaging in these types of transactions, potentially impacting their taxable income and the state's revenue from income taxes. The fiscal impact of this bill is currently unquantifiable due to a lack of specific data on such transactions.

Statutes affected:
Introduced Version: 43-1021, 43-1022, 43-1121, 43-1122, 43-1333, 99-514, 43-1084, 43-1081.01, 43-1074.02, 43-1029, 15-1871, 43-1024, 101-336, 43-1014, 43-1082, 43-1028, 43-1023, 15-1628, 15-1451, 43-1025, 43-1027, 111-5, 111-92, 41-1518, 43-1042, 20-1691, 6-101, 43-961, 43-1129, 43-1130, 43-1201, 43-947, 43-1170, 43-1130.01, 43-1175, 43-1178, 43-1183, 43-1184, 43-1124, 43-1181, 43-1165
Senate Engrossed Version: 43-1021, 43-1022, 43-1121, 43-1122, 43-1333, 99-514, 43-1084, 43-1081.01, 43-1074.02, 43-1029, 15-1871, 43-1024, 101-336, 43-1014, 43-1082, 43-1028, 43-1023, 15-1628, 15-1451, 43-1025, 43-1027, 111-5, 111-92, 41-1518, 43-1042, 20-1691, 6-101, 43-961, 43-1129, 43-1130, 43-1201, 43-947, 43-1170, 43-1130.01, 43-1175, 43-1178, 43-1183, 43-1184, 43-1124, 43-1181, 43-1165