SB1056 is a bill that proposes to amend the current law regarding the reporting of capital gains taxes paid by nonresidents on real estate transactions in Arizona. Currently, the Arizona Department of Revenue (ADOR) is required to report the estimated amount of such taxes to the Joint Legislative Budget Committee and the Governor's Office of Strategic Planning and Budgeting. The bill seeks to expand the list of recipients of this report to include the President of the Senate and the Speaker of the House of Representatives. Additionally, the bill makes technical changes to the language of the statute, such as simplifying the date reference for filing the information return from "the thirty-first day of" to "March 31."

The bill does not anticipate any fiscal impact to the state General Fund and will become effective on the general effective date. The purpose of the bill is to ensure that more legislative leaders are informed about the revenues collected from nonresidents' capital gains taxes on real estate transactions, which in tax year 2020 amounted to an estimated $3.3 million.

Statutes affected:
Introduced Version: 43-312
Senate Engrossed Version: 43-312