PREFILED JAN 03 2017
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REFERENCE TITLE: technical correction; taxes; intangible income |
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State of Arizona House of Representatives Fifty-third Legislature First Regular Session 2017
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HB 2007 |
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Introduced by Representative Ugenti-Rita
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AN ACT
Amending section 43‑1092, Arizona Revised Statutes; relating to income tax of nonresidents.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 43-1092, Arizona Revised Statutes, is amended to read:
43-1092. Intangible income of a nonresident
A. Except as provided in subsection B of this section, income of nonresidents from stocks, bonds, notes or other intangible personal property is not income from sources within this state unless the property has acquired a business situs within this state, except that if a nonresident buys or sells such property in this state or places orders with brokers within this state to buy or sell such property so regularly, systematically and continuously as to constitute doing business in this state, the profit or gain derived from such activity is income from sources within this state irrespective of the situs of the property. However, in no case shall transactions extending over a period of less than six months be deemed to constitute doing business in this state.
B. Any income received by nonresidents which that is derived from a small business corporation making an election pursuant to section 43‑1126 shall be considered taxable income of in this state.