This bill proposes amendments to section 43-1111 of the Arizona Revised Statutes, which governs corporate income tax. The current law, which establishes a tax on the entire Arizona taxable income of corporations, will see the deletion of the phrase "fifty dollars" and its replacement with "$50." Additionally, the percentages for net income tax rates for various taxable years will be updated from "per cent" to "percent," maintaining the same rates but standardizing the language.

Furthermore, the bill introduces a new provision stating that corporations with fifty or more employees, which are not exempt from tax, will have a minimum tax amount set at $1,000. The updated tax structure will apply to taxable years beginning after December 31, 2026, and the act will take effect upon receiving the required legislative approval and the governor's signature.

Statutes affected:
Introduced Version: 43-1111