The proposed bill amends section 43-1111 of the Arizona Revised Statutes regarding corporate income tax. It maintains the current tax structure but updates the tax rates for corporations based on their taxable years, reducing the rates progressively from 6.968% in 2013 to 4.9% for taxable years beginning after December 31, 2016. Additionally, it establishes a minimum tax of $1,000 for corporations with fifty or more employees that are not otherwise exempt.

The new bill specifies that these amendments will apply to taxable years starting after December 31, 2024, and introduces a requirement for the act to be effective only upon a two-thirds affirmative vote from both houses of the legislature, or a three-fourths vote if vetoed by the governor. This contrasts with the current law, which does not include such stipulations for enactment.

Statutes affected:
Introduced Version: 43-1111