HB 2155 — income tax; subtraction; adoption expenses

REFERENCEHouse TITLE:Engrossed income tax;

income tax;

adoption expenses State of Arizona House of Representatives Fifty-seventh Legislature First Regular Session HBHOUSE 2155BILL Introduced2155 by Representative Keshel AN ACT AMENDING SECTION 43-1022, ARIZONA REVISED STATUTES;

(TEXT OF BILL BEGINS ON NEXT PAGE) - i - HBH.B. 2155 Be it enacted by the Legislature of the State of Arizona:

2155 Be it enacted by the Legislature of the State of Arizona:

The amount of exploration expenses that is determined pursuant to section 617 of the internal revenue code, that has been deferred in a - 1 - HBH.B. 2155 taxable year ending before January 1, 1990 and for which a subtraction has not previously been made.

2155 taxable year ending before January 1, 1990 and for which a subtraction has not previously been made.

- 2 - HBH.B. 2155 16.

2155 16.

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 - 3 - HBH.B. 2155 code to the extent that the amount has not already reduced Arizona taxable income in the current or prior taxable years.

2155 code to the extent that the amount has not already reduced Arizona taxable income in the current or prior taxable years.

For the purposes of this paragraph, a transferee that receives an asset by gift or at the death of a transferor is considered to have acquired the asset when the asset was acquired by the - 4 - HBH.B. 2155 transferor.

2155 transferor.

For taxable years beginning from and after December 31, 2020, Arizona small business gross income but only if an individual taxpayer has elected to separately report and pay tax on the taxpayer's Arizona small - 5 - HBH.B. 2155 business adjusted gross income on the Arizona small business income tax return.

2155 business adjusted gross income on the Arizona small business income tax return.