Bill > HB2935

This bill proposes to amend Arizona Revised Statutes section 43-1022, which outlines subtractions from Arizona gross income for individual income tax purposes. Specifically, it introduces two new subtractions for taxable years beginning after December 31, 2026, aimed at assisting first-time homebuyers. The first new subtraction allows individuals to deduct the amount of a down payment made to a seller on residential property, with a placeholder for the maximum deductible amount. The second new subtraction allows first-time homebuyers to deduct distributions from a retirement account that will be used as a down payment on residential property. These additions aim to provide financial relief for individuals purchasing their first home by reducing their taxable income.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/84986