Arizona SB1033 exempts bona fide nonbusiness sales of residential property from local transaction privilege tax.

Arizona SB1033 amends the state's tax code to exempt bona fide nonbusiness sales of residential property from local transaction privilege tax. This exemption applies to sales where the property is used as the primary or vacation residence of the seller or a family member for six months before sale. The bill also exempts certain other transactions from local taxes, including exhibition events by nonprofits, construction contracting for primary residences, and sales of machinery and equipment for energy storage. The changes apply retroactively to sales occurring after December 31, 2022.

Arizona SB1033 exempts bona fide nonbusiness sales of residential property from local transaction privilege tax.

Arizona SB1033 amends the state's tax code to exempt bona fide nonbusiness sales of residential property from local transaction privilege tax. This exemption applies to sales where the property is used as the primary or vacation residence of the seller or a family member for six months before sale. The bill also exempts certain other transactions from local taxes, including exhibition events by nonprofits, construction contracting for primary residences, and sales of machinery and equipment for energy storage. The changes apply retroactively to sales occurring after December 31, 2022.