income tax; subtractions; standard deduction
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies Arizona’s income tax rules regarding subtractions and the standard deduction. It changes how gross income is calculated, particularly for residents and non-residents, and establishes a simplified tax form option for taxpayers who meet specific criteria. The bill also adjusts the standard deduction amount for inflation and introduces provisions related to virtual currency and non-fungible tokens.
Key provisions
- Individuals filing full-year returns must calculate their income based on the standard deduction if it exceeds their gross income.
- Non-residents must calculate their income based on a percentage of a resident’s standard deduction.
- A simplified tax form is available for taxpayers meeting specific criteria, including opting for optional tax tables and claiming no credits.
- The standard deduction amount is adjusted annually for inflation, mirroring the federal standard deduction.
- A charitable deduction increase is available for taxpayers who choose to claim the standard deduction.
- The bill introduces rules for taxing virtual currency and non-fungible tokens, including a subtraction for airdrops.
- The bill retroactively applies to taxable years beginning from and after December 31, 2024.
- The bill amends sections related to filing returns electronically and provides for waivers for taxpayers without access to technology.
Who is affected
Bill text
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Sponsors
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1 on record
Primary sponsor
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