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Form 1128 Arizona: What You Should Know
January 7, 2020. The Senate of the State of Arizona, respectfully recommends that the legislature reject SB 1128 which would provide virtual currency as a property tax exemption for personal, household, business, and other individual nonbusiness property. SB 1128 would also eliminate virtual currency's current exemption. In doing so, SB 1128 would require the legislature to decide a matter of great constitutional and moral importance: Should virtual currency be a taxable property type and, if it is not, whether it should be exempted from taxes on the property it generates? On May 23, 2018, the Arizona Legislature passed SB 1128, eliminating the current tax exemption for nonresident businesses and individuals that transact in virtual currencies, which currently applies to any virtual currencies and blockchain-based currencies. On January 24, 2023, the Arizona legislature must choose whether to maintain the exemption for virtual currencies, or eliminate it altogether. If your business (or business entity) is taxable because you must comply with federal tax law but has no liability under Arizona law, you could apply to the Tax Court to exempt your personal, household, business or other personal nonbusiness property for any property tax it is required to collect under federal law. You would submit an application through the Tax Court in the tax year you apply, in which case you would have to complete and filing your tax return by the due date of the return. The court may appoint an accountant, if you have not already had one appointed by the department of revenue. If the court finds your application to be complete and correct, it will approve your application and issue a ruling to that effect. If you have a business that is not taxable because you must comply with federal tax law but has no liability under Arizona law, you may apply to the Tax Court to make your business fully taxable and to determine whether it is deductible as a business expense. You will submit an application through the Tax Court in the tax year you apply, in which case you would have to complete and filing your tax return by the due date of the return. The court may appoint an accountant, if you have not already had one appointed by the department of revenue. If the court found that your application to be complete and correct, it will approve your application and issue a ruling to that effect.
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