SignalsAZ.com Prescott News Podcast - Residential Rental Tax Changes Coming in the New Year

Episode Date: December 30, 2024

Send us a text and chime in!The Arizona Department of Revenue (ADOR) announces the elimination of transaction privilege tax (TPT) applicable to the rental of real estate for residential purposes (residential rental) as of January 1, 2025. A.R.S. § 42-6004 (H) was amended to exempt residential rental TPT from being levied. Residential rental TPT is reported and collected under business code 045 for long-term lodging stays of 30 days or more. Next Steps for Property Owners Owners should continue to collect, file, and pay residential rental TPT for periods through December 31, 2024, filed in January 2025. For periods beginning January 1, 2025, and thereafter, individuals... For the written story, read here >> https://www.signalsaz.com/articles/residential-rental-tax-changes-coming-in-the-new-year/Check out the CAST11.com Website at: https://CAST11.com Follow the CAST11 Podcast Network on Facebook at: https://Facebook.com/CAST11AZFollow Cast11 Instagram at: https://www.instagram.com/cast11_podcast_network

Text to Speech Audio articles made possible by the Quest Grant at Yavapai College. Tuition-free industry recognized certificates for your career. The Arizona Department of Revenue, ADOR, announces the elimination of transaction privilege tax, TPP, applicable to the rental of real estate for residential purposes, residential rental, as of January 1, 2025. ARS Section 42 to 6004H was amended to exempt residential rental TPT from being levied. residential rental TPP is reported and collected under business code 045 for long-term lodging stays of 30 days or more. Next steps for property owners.

Owners should continue to collect, file, and pay residential rental TPP for periods through December 31, 2024, filed in January 2025. For periods beginning January 1st, 2025, and thereafter, individuals should discontinue collecting residential rental TPP. TPP licenses that only have residential rental, business code 045, on their account have been automatically cancelled effective January 1st 2025. However, property owners are still able to file for periods prior to January 1st 2025. The TPP license, residential rental only, will not be renewed for the 2025 calendar year. If the business has other business activity on the same license, instead the residential rental location will be closed. No further action or steps need. need to be taken to cancel the license or close the location. Be aware that the cancellation

of your license will not exempt you from any liabilities related to periods before January 1st 2025. If liabilities are unpaid, enforcement actions may be taken against you. For businesses that cannot afford to pay their tax liability in full, Ador offers options to help make payments through collections. Need assistance? For more information on this change and to review frequently ask questions, please visit osder.gov slash business slash residential rental. If you need further assistance, please call our customer care line at 602-255-3381. Catch up with more local news stories on signalsaz.com. Be in the know with the F1 RSD 2-No Ultimate Holiday Guide.