This bill proposes updates to section 43-1111 of the Arizona Revised Statutes regarding corporate income tax. The current law, which levies a tax on the entire Arizona taxable income of corporations, will see the deletion of the phrase "fifty dollars" and the insertion of "$50" to clarify the minimum tax amount. Additionally, the percentages for net income tax rates for various taxable years will be updated from "per cent" to "percent" for consistency in language. The tax rates will remain unchanged, but the bill introduces a new minimum tax of $1,000 for corporations with fifty or more employees that are not otherwise exempt.

Furthermore, the bill specifies that the amended section 43-1111 will apply to taxable years beginning from and after December 31, 2025. It also includes a provision stating that the act will only take effect upon an affirmative vote of at least two-thirds of the members of each house of the legislature and will be effective immediately upon the governor's signature or, if vetoed, upon a subsequent affirmative vote of at least three-fourths of the members of each house.

Statutes affected:
Introduced Version: 43-1111