The bill proposes amendments to section 43-1111 of the Arizona Revised Statutes, which pertains to corporate income tax. The changes include minor language updates, such as replacing "per cent" with "percent" and standardizing the minimum tax amount reference from "fifty dollars" to "$50". Additionally, the bill introduces a new provision that sets a minimum tax amount of $1,000 for corporations with fifty or more employees, unless they are exempt from tax under other provisions of the title or by law.

The bill stipulates that these amendments will apply to taxable years beginning from and after December 31, 2024. It also specifies that the act will only become effective with a supermajority vote—two-thirds of the members of each house of the legislature—and upon the signature of the governor, or with a three-fourths majority if the governor vetoes the act.

Statutes affected:
Introduced Version: 43-1111