SB1633 modifies Arizona income tax by adjusting subtractions from gross income, including changes to deductions for virtual currency, non-fungible.

SB1633 amends Arizona's income tax law by adjusting the subtractions from gross income, which lower the taxable income. The bill specifies the value of virtual currency and non-fungible tokens received through an airdrop at the time of receipt, without including any appreciation in value after the airdrop. It also adjusts the percentage of net long-term capital gains subtracted from income for different tax years. Additionally, the bill modifies the subtraction for the sale of a primary residence, increasing the allowable deduction over time.

SB1633 modifies Arizona income tax by adjusting subtractions from gross income, including changes to deductions for virtual currency, non-fungible.

SB1633 amends Arizona's income tax law by adjusting the subtractions from gross income, which lower the taxable income. The bill specifies the value of virtual currency and non-fungible tokens received through an airdrop at the time of receipt, without including any appreciation in value after the airdrop. It also adjusts the percentage of net long-term capital gains subtracted from income for different tax years. Additionally, the bill modifies the subtraction for the sale of a primary residence, increasing the allowable deduction over time.