Bill Text: AZ HB2348 | 2012 | Fiftieth Legislature 2nd Regular | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Income tax returns; business identification

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2012-04-04 - House minority caucus: Do pass [HB2348 Detail]

Download: Arizona-2012-HB2348-Engrossed.html

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House Engrossed

 

 

 

State of Arizona

House of Representatives

Fiftieth Legislature

Second Regular Session

2012

 

 

HOUSE BILL 2348

 

 

 

AN ACT

 

Amending section 43-321, Arizona Revised Statutes; relating to income tax returns.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

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

Section 1.  Section 43-321, Arizona Revised Statutes, is amended to read:

START_STATUTE43-321.  Information required in returns

Each return required to be filed under this title shall contain the following:

1.  It shall contain or be verified by a declaration that it is made under penalties of perjury.  The declaration shall be written or in a form prescribed by the department pursuant to section 42‑1105, subsection B.

2.  A specific statement of the items of the taxpayer's gross income and the adjustments, deductions and credits allowed by this title.

3.  A specific statement of the taxpayer's use tax liability pursuant to section 42‑5169.

4.  If the return includes any information that relates to the taxpayer's business, as reported on the taxpayer's federal return on form 1040, schedule C:

(a)  The industry code for the taxpayer's business that corresponds to the industries described under the North American Industry classification system.  This industry code shall be the same code that the taxpayer reported on the federal return on form 1040, schedule C and shall be reported on the first page of Arizona form 140, line 12.

(b)  The amount that is reported on the taxpayer's federal return on form 1040, schedule C and that is equal to the total gross receipts for the taxpayer's business minus any returns, allowances and any other adjustments allowed by federal law.  This amount shall be reported on the first page of Arizona form 140, line 12.

4.  5.  Such other information as the department may by rule prescribe for the purpose of carrying out the provisions of this title. END_STATUTE