The proposed bill amends section 43-1111 of the Arizona Revised Statutes, concerning corporate income tax. The bill introduces changes to the language and tax rates, replacing the term "per cent" with "percent" and standardizing the minimum tax amount to $50. Additionally, it establishes a new minimum tax amount of $1,000 for corporations with fifty or more employees, unless they are exempt under other provisions of the title or by law. This new minimum tax is an increase from the current minimum, which is the greater of $50 or a percentage of net income ranging from 4.9 to 6.968 percent, depending on the taxable year.

Statutes affected:
Introduced Version: 43-1111