Bill Text: AZ HB2573 | 2018 | Fifty-third Legislature 2nd Regular | Introduced


Bill Title: Corporate minimum income tax

Spectrum: Partisan Bill (Democrat 10-0)

Status: (Introduced) 2018-02-07 - House read second time [HB2573 Detail]

Download: Arizona-2018-HB2573-Introduced.html

 

 

 

REFERENCE TITLE: corporate minimum income tax

 

 

 

State of Arizona

House of Representatives

Fifty-third Legislature

Second Regular Session

2018

 

HB 2573

 

Introduced by

Representatives Friese: Alston, Blanc, Engel, Fernandez, Gabaldón, Navarrete, Powers Hannley, Rios, Salman

 

 

AN ACT

 

Amending section 43‑1111, Arizona Revised Statutes, relating to corporate income tax.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 


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

Section 1.  Section 43-1111, Arizona Revised Statutes, is amended to read:

START_STATUTE43-1111.  Tax rates for corporations

There shall be levied, collected and paid for each taxable year upon 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, taxes in an amount of the greater of fifty five hundred dollars or:

1.  For taxable years beginning through December 31, 2013, 6.968 per cent percent of net income.

2.  For taxable years beginning from and after December 31, 2013 through December 31, 2014, 6.5 per cent percent of net income.

3.  For taxable years beginning from and after December 31, 2014 through December 31, 2015, 6.0 per cent percent of net income.

4.  For taxable years beginning from and after December 31, 2015 through December 31, 2016, 5.5 per cent percent of net income.

5.  For taxable years beginning from and after December 31, 2016, 4.9 per cent percent of net income. END_STATUTE

Sec. 2.  Delayed applicability

Section 43-1111, Arizona Revised Statutes, as amended by this act, applies to taxable years beginning from and after December 31, 2018.

Sec. 3.  Requirements for enactment; two-thirds vote

Pursuant to article IX, section 22, Constitution of Arizona, this act is effective only on the affirmative vote of at least two-thirds of the members of each house of the legislature and is effective immediately on the signature of the governor or, if the governor vetoes this act, on the subsequent affirmative vote of at least three-fourths of the members of each house of the legislature.

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