PREFILED JAN 10 2025 REFERENCE TITLE: nonresident real estate sales; notice State of Arizona Senate Fifty-seventh Legislature First Regular Session 2025 SB 1049 Introduced by Senator Leach AN ACT amending section 43-312, Arizona Revised Statutes; relating to filing returns. (TEXT OF BILL BEGINS ON NEXT PAGE)
PREFILED JAN 10 2025
REFERENCE TITLE: nonresident real estate sales; notice
State of Arizona Senate Fifty-seventh Legislature First Regular Session 2025
SB 1049
Introduced by Senator Leach
REFERENCE TITLE: nonresident real estate sales; notice
State of Arizona
Senate
Fifty-seventh Legislature
First Regular Session
2025
SB 1049
Introduced by
Senator Leach
AN ACT
amending section 43-312, Arizona Revised Statutes; relating to filing returns.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona: Section 1. Section 43-312, Arizona Revised Statutes, is amended to read: START_STATUTE43-312. Information return of sales; nonresident real estate transactions; escrow agents; notice; reporting requirements A. A person that is licensed under section 6-813 to conduct escrow business for the purchase and sale of real property located in this state shall file an information return of sales of real property located in this state that are reported pursuant to federal reporting requirements under section 6045(e) of the internal revenue code. The person shall file the information return required by this subsection: 1. On or before the thirty-first day of March 31 with respect to sales of real property located in this state that are closed on or before December 31 of the preceding calendar year. 2. Using the same form and format of the return filed with the internal revenue service under section 6045(e) of the internal revenue code. B. On or before June 30 of each year, the department shall notify the joint legislative budget committee and the governor's office of strategic planning and budgeting when the amount of revenue collected from the sale of real estate by nonresidents in this state for the prior fiscal year reaches $3,000,000. B. C. On or before June 30, 2020 2027, the department shall report to the joint legislative budget committee and the governor's office of strategic planning and budgeting on the estimated amount of capital gains tax paid by nonresidents of this state on real estate transactions in this state from the most recent year before tax year 2019 2026 based on available data from the internal revenue service. On or before June 30 of each year, the department shall estimate and report to the joint legislative budget committee, and the governor's office of strategic planning and budgeting, the president of the senate and the speaker of the house of representatives on the amount of revenue collected from the sale of real estate by nonresidents that is attributed to the information return prescribed by this section in the prior tax year. END_STATUTE
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 43-312, Arizona Revised Statutes, is amended to read:
START_STATUTE43-312. Information return of sales; nonresident real estate transactions; escrow agents; notice; reporting requirements
A. A person that is licensed under section 6-813 to conduct escrow business for the purchase and sale of real property located in this state shall file an information return of sales of real property located in this state that are reported pursuant to federal reporting requirements under section 6045(e) of the internal revenue code. The person shall file the information return required by this subsection:
1. On or before the thirty-first day of March 31 with respect to sales of real property located in this state that are closed on or before December 31 of the preceding calendar year.
2. Using the same form and format of the return filed with the internal revenue service under section 6045(e) of the internal revenue code.
B. On or before June 30 of each year, the department shall notify the joint legislative budget committee and the governor's office of strategic planning and budgeting when the amount of revenue collected from the sale of real estate by nonresidents in this state for the prior fiscal year reaches $3,000,000.
B. C. On or before June 30, 2020 2027, the department shall report to the joint legislative budget committee and the governor's office of strategic planning and budgeting on the estimated amount of capital gains tax paid by nonresidents of this state on real estate transactions in this state from the most recent year before tax year 2019 2026 based on available data from the internal revenue service. On or before June 30 of each year, the department shall estimate and report to the joint legislative budget committee, and the governor's office of strategic planning and budgeting, the president of the senate and the speaker of the house of representatives on the amount of revenue collected from the sale of real estate by nonresidents that is attributed to the information return prescribed by this section in the prior tax year. END_STATUTE