This bill proposes amendments to section 43-1022 of the Arizona Revised Statutes, specifically addressing individual income tax provisions for first-time home buyers. It introduces new language that allows for the exclusion from Arizona gross income of down payments made by first-time home buyers on residential properties, effective for taxable years beginning after December 31, 2026. The bill specifies that the amount subtracted for this purpose cannot exceed a certain limit, which is yet to be determined.

Additionally, the bill includes a provision that permits the exclusion of retirement account distributions used as down payments by first-time home buyers on residential properties, also effective for taxable years starting after December 31, 2026. These changes aim to provide financial relief and incentives for first-time home buyers in Arizona by updating the current tax statutes to reflect these new exclusions.

Statutes affected:
Introduced Version: 43-1022