SB 1092
Initials VP/MG Page 1 Ways & Means
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
Second Regular Session
Senate: FICO DP 4-3-0 | 3
rd
Read 16-10-4-0
SB 1092: income tax; currency transactions; effect
Sponsor: Senator Petersen, LD 14
Committee on Ways & Means
Overview
Requires, beginning TY 2025, individual and corporate taxpayers to add any net capital
losses or subtract any net capital gains derived from a foreign currency or virtual currency
transaction to the Arizona gross income calculation.
History
There are additions and subtractions to Arizona gross income for individuals and
corporations. For individuals, there are 16 additions and 29 subtractions. These additions
and subtractions include benefits, reimbursements, depreciations and other net revenues.
For corporations, there are 24 additions and 23 subtractions. These additions and
subtractions include certain expenditures, depreciations, services and other net revenues
(A.R.S. §§§§ 43-1021, 43-1022, 43-1121 and 43-1122).
Provisions
1. Requires, beginning TY 2025, an individual taxpayer to add any net capital loss included
in Arizona gross income for the taxable year that is derived from a foreign currency or
virtual currency transaction when computing Arizona adjusted gross income. (Sec. 1)
2. Requires, beginning TY 2025, an individual taxpayer to subtract any net capital gain
included in Arizona gross income for the taxable year that is derived from a foreign
currency or virtual currency transaction when computing Arizona adjusted gross income.
(Sec. 2)
3. Requires, beginning TY 2025, a corporate taxpayer to add any net capital loss included in
Arizona gross income for the taxable year that is derived from a foreign currency or
virtual currency transaction when computing Arizona adjusted gross income. (Sec. 3)
4. Requires, beginning TY 2025, a corporate taxpayer to subtract any net capital gain
included in Arizona gross income for the taxable year that is derived from a foreign
currency or virtual currency transaction when computing Arizona adjusted gross income.
(Sec. 4)
5. Defines foreign currency as the coin and paper money of a country other than the United
States that is designated as legal tender, that circulates and that is customarily used and
accepted as a medium of exchange in the country of issuance. (Sec. 1-4)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☒ Fiscal Note