The proposed bill, if enacted, would amend current statutes related to the reporting requirements for nonresident real estate sales in Arizona. Specifically, it would require the Arizona Department of Revenue (ADOR) to notify the Joint Legislative Budget Committee (JLBC) and the Governor's Office of Strategic Planning and Budgeting (OSPB) when revenue from nonresident real estate sales reaches $3,000,000, and to report on the estimated capital gains tax paid by nonresidents for the year prior to tax year 2026 by June 30, 2027. Additionally, the bill would add the President of the Senate and the Speaker of the House of Representatives as recipients of ADOR's reports on revenue collected from nonresident real estate sales.

The bill also makes technical adjustments to existing language, such as changing the deadline for filing information returns from "the thirty-first day of March" to "March 31," and updating the reporting year from 2019 to 2026. Overall, these changes aim to enhance the transparency and accountability of revenue collection from nonresident real estate transactions in Arizona.

Statutes affected:
Introduced Version: 43-312