Government

Arizona Republicans pass bill through Senate to lift capital gains taxes on all home sales

Arizona Republicans in the Senate passed a bill that would allow all home sales without capital gains taxes.

File photo

PHOENIX — Arizona Republican senators have approved a plan Democrats say is a gift to those who can afford million-dollar mansions.

Current Arizona law says someone who sells a home has to pay taxes on the capital gains — essentially the difference between the purchase price and what is the ultimate sales price.

But that law provides an exemption for the first $250,000 of gain for a single individual — double that for couples. So it is only the excess over that which can generate a tax liability.

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