Bill Text: AZ HB2468 | 2015 | Fifty-second Legislature 1st Regular | Introduced

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Bill Title: Corporate tax freeze; educational outcomes

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2015-03-31 - Referred to House RULES Committee [HB2468 Detail]

Download: Arizona-2015-HB2468-Introduced.html

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REFERENCE TITLE: corporate tax freeze; educational outcomes

 

 

 

State of Arizona

House of Representatives

Fifty-second Legislature

First Regular Session

2015

 

 

HB 2468

 

Introduced by

Representatives Mendez: Clark, Espinoza, Fernandez, Gabaldón, Saldate, Velasquez

 

 

AN ACT

 

Amending title 43, chapter 11, article 2, Arizona Revised Statutes, by adding section 43-1112; relating to corporate income tax rates.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Title 43, chapter 11, article 2, Arizona Revised Statutes, is amended by adding section 43-1112, to read:

START_STATUTE43-1112.  Freeze on corporate income tax rate contingent on educational outcomes

A.  Notwithstanding, and in lieu of the rates prescribed in, section 43-1111, unless the superintendent of public instruction reports that the educational goal prescribed in subsection B, paragraph 1 of this section has been achieved, a tax shall be levied, collected and paid for the taxable year on the entire Arizona taxable income of every corporation, unless exempt under section 43-1126 or 43-1201 or as otherwise provided in this title or by law, in an amount of six percent of net income or fifty dollars, whichever is greater.

B.  The superintendent of public instruction shall:

1.  Following each fiscal year, determine whether the statewide high school graduation rate for the preceding school year was at least ninety-five percent.

2.  Report the findings of the determination made pursuant to paragraph 1 of this subsection to the governor, the director of the department of revenue, the president of the senate and the speaker of the house of representatives on or before December 1. END_STATUTE

Sec. 2.  Effective date; applicability

This act is effective and applies to taxable years beginning from and after December 31, 2015.