Bill Text: AZ HB2438 | 2017 | Fifty-third Legislature 1st Regular | Chaptered
Bill Title: Corporations; nontaxable event; status change
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2017-03-31 - Chapter 127 [HB2438 Detail]
Download: Arizona-2017-HB2438-Chaptered.html
|
House Engrossed |
|
State of Arizona House of Representatives Fifty-third Legislature First Regular Session 2017
|
|
CHAPTER 127
|
|
HOUSE BILL 2438 |
|
|
AN ACT
Amending title 43, chapter 2, article 3, Arizona Revised Statutes, by adding section 43‑242; relating to taxation of income.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 43, chapter 2, article 3, Arizona Revised Statutes, is amended by adding section 43-242, to read:
43-242. Change of taxpayer organization; nontaxable event
Notwithstanding any provision of the internal revenue code or any federal rule or regulation adopted pursuant to the internal revenue code, a change in the organizational structure of a corporation, including an s corporation, or a limited liability company, a partnership or any other entity, however organized, into another organizational structure is not a taxable event for the purposes of this title if there is no change among the owners, their ownership interests or the assets of the organization.
APPROVED BY THE GOVERNOR MARCH 31, 2017.
FILED IN THE OFFICE OF THE SECRETARY OF STATE MARCH 31, 2017.
