HB2747

Arizona HB2747 amends income tax laws to allow subtractions for small businesses and other specific income types.

Arizona HB2747 amends sections 43-1022 and 43-1122 of the Arizona Revised Statutes to modify subtractions from Arizona gross income. The bill allows subtractions for various types of income, including retirement benefits, interest income, dividends, and certain capital gains. It also introduces a new subtraction for income derived from small businesses that have been in operation for five years or less. The bill defines a small business as any entity employing fewer than ten employees, including sole proprietorships, partnerships, limited liability companies, and S corporations.