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ARIZONA STATE SENATE
Fifty-Sixth Legislature, First Regular Session
information return of sales; report
Purpose
Adds the President of the Senate and Speaker of the House of Representatives to the entities that receive the Arizona Department of Revenue (ADOR) report on revenues collected from capital gains taxes paid by nonresidents on real estate transactions in Arizona.
Background
A
licensed escrow agent must file an information return of real estate
transactions in Arizona by March 31 for sales of real property closed in the
preceding calendar year (A.R.S.
§ 43-312). Laws
2019, Chapter 272 requires ADOR to annually report the estimated amount of
capital gains tax paid by nonresidents on real estate transactions in Arizona
to the Joint Legislative Budget Committee and the Governor's Office of
Strategic Planning and Budgeting. Based on the most recent data available, ADOR
estimates that nonresidents paid $3.3 million in capital gains tax on real
estate transactions in Arizona in TY 2020 (JLBC).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Adds the President of the Senate and Speaker of the House of Representatives to the entities that receive the annual ADOR report on the amount of capital gains tax paid by nonresidents on real estate transactions in Arizona.
2. Makes technical changes.
3. Becomes effective on the general effective date.
Prepared by Senate Research
January 26, 2023
MG/ZS/sr