SB 1375 — technical correction; driver license fees

Fifty-sixthSenate LegislatureEngrossed Militarytechnical Affairs,correction; Public Safety and Border Security First Regular Session S.B.

1375driver PROPOSEDlicense SENATEfees AMENDMENTS(now: TO S.B.

1375gross (Referenceincome tosubtractions; printed bill) Strike everything after the enacting clause and insert:

"Sectionuniformed 1.services) State of Arizona Senate Fifty-sixth Legislature First Regular Session SENATE BILL 1375 AN ACT AMENDING SECTION 43-1022, ARIZONA REVISED STATUTES;

RELATING TO TAXATION OF INCOME.

(TEXT OF BILL BEGINS ON NEXT PAGE) - i - S.B.

1375 Be it enacted by the Legislature of the State of Arizona:

Section 1.

Senate4. Amendments to S.B.

1375 4.

The amount of exploration expenses that is determined pursuant to section 617 of the internal revenue code, that has been deferred in a taxable year ending before January 1, 1990 and for which a subtraction has not- previously1 been- made.S.B.

1375 not previously been made.

To the extent not already excluded from Arizona gross income under the internal revenue code, compensation received for active service as a member of the reserves, the national guard or the armed forces UNIFORMED SERVICES of the United States, including compensation for service -2-in Senatea Amendmentscombat tozone S.B.as determined under section 112 of the internal revenue code.

1375 in a combat zone as determined under section 112 of the internal revenue code.

-3-- Senate2 Amendments- to S.B.

With respect to property that is sold or otherwise disposed of during the taxable year by a taxpayer that complied with section 43-1021, paragraph 11 with respect to that property, the amount of depreciation that has been allowed pursuant to section 167(a) of the internal revenue code to -4-the Senateextent Amendmentsthat tothe S.B.amount has not already reduced Arizona taxable income in the current or prior taxable years.

1375 the extent that the amount has not already reduced Arizona taxable income in the current or prior taxable years.

In the case of a husband and wife who file separate returns, the subtraction may be taken by either taxpayer or may be divided between them,- but3 the- totalS.B. subtractions allowed both husband and wife may not exceed $4,000 per beneficiary.

1375 them, but the total subtractions allowed both husband and wife may not exceed $4,000 per beneficiary.

-5-22. Senate Amendments to S.B.

1375 22.

For taxable years beginning from and after December 31, 2017, the amount of any net capital gain included in Arizona gross income for the taxable year that is derived from the exchange of one kind of legal tender- for4 another- kindS.B. of legal tender.

1375 tender for another kind of legal tender.

-6-26. Senate Amendments to S.B.

1375 26.

This paragraph may not be interpreted as providing a subtraction for any appreciation in value that occurs from holding the -7-virtual Senatecurrency Amendmentsafter tothe S.B.initial receipt of the airdrop.

1375 virtual currency after the initial receipt of the airdrop.

(c)- "Virtual5 currency"- hasS.B. the same meaning prescribed in section 43-1028.

1375 (c) "Virtual currency" has the same meaning prescribed in section 43-1028.

Effective date This act is effective to taxable years beginning from and after December 31, 2023."2023. Amend title to conform DAVID GOWAN 1375GOWAN.docx 02/08/2023 03:08 PM C:

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