House Engrossed

State of Arizona House of Representatives Fifty-third Legislature First Regular Session 2017

HOUSE BILL 2438

 

AN ACT

 

Amending title 43, chapter 2, article 3, Arizona Revised Statutes, by adding section 43‑242; relating to taxation of income.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Title 43, chapter 2, article 3, Arizona Revised Statutes, is amended by adding section 43-242, to read:

START_STATUTE43-242.  Change of taxpayer organization; nontaxable event

Notwithstanding any provision of the internal revenue code or any federal rule or regulation adopted pursuant to the internal revenue code, a change in the organizational structure of a corporation, including an s corporation, or a limited liability company, a partnership or any other entity, however organized, into another organizational structure is not a taxable event for the purposes of this title if there is no change among the owners, their ownership interests or the assets of the organization. END_STATUTE