Bill Text: AZ HB2438 | 2017 | Fifty-third Legislature 1st Regular | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Corporations; nontaxable event; status change

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2017-03-31 - Chapter 127 [HB2438 Detail]

Download: Arizona-2017-HB2438-Engrossed.html

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House Engrossed

 

 

 

State of Arizona

House of Representatives

Fifty-third Legislature

First Regular Session

2017

 

 

HOUSE BILL 2438

 

 

 

AN ACT

 

Amending title 43, chapter 2, article 3, Arizona Revised Statutes, by adding section 43‑242; relating to taxation of income.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Title 43, chapter 2, article 3, Arizona Revised Statutes, is amended by adding section 43-242, to read:

START_STATUTE43-242.  Change of taxpayer organization; nontaxable event

Notwithstanding any provision of the internal revenue code or any federal rule or regulation adopted pursuant to the internal revenue code, a change in the organizational structure of a corporation, including an s corporation, or a limited liability company, a partnership or any other entity, however organized, into another organizational structure is not a taxable event for the purposes of this title if there is no change among the owners, their ownership interests or the assets of the organization. END_STATUTE