Bill Text: AZ SB1251 | 2015 | Fifty-second Legislature 1st Regular | Introduced


Bill Title: Tax rate reductions; suspension

Spectrum: Partisan Bill (Democrat 11-0)

Status: (Introduced - Dead) 2015-01-29 - Referred to Senate FIN Committee [SB1251 Detail]

Download: Arizona-2015-SB1251-Introduced.html

 

 

 

REFERENCE TITLE: tax rate reductions; suspension

 

 

 

State of Arizona

Senate

Fifty-second Legislature

First Regular Session

2015

 

 

SB 1251

 

Introduced by

Senators Farley, Ableser, Bradley, Dalessandro, Hobbs, Miranda, Pancrazi; Representative Cardenas: Senators Cajero Bedford, Contreras, Quezada

 

 

AN ACT

 

amending title 42, chapter 1, Arizona Revised Statutes, by adding article 7; relating to taxation.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 


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

Section 1.  Title 42, chapter 1, Arizona Revised Statutes, is amended by adding article 7, to read:

ARTICLE 7.  SUSPENSION OF CREDITS AND REDUCTIONS

START_STATUTE42-1301.  Definitions

In this article, unless the context otherwise requires:

1.  "K-12" means kindergarten programs and grades one through twelve.

2.  "Trigger event" means a fiscal year in which at least one of the following occurs:

(a)  The per student state general fund expenditures for K-12 education are at least equal to the median per student general fund expenditures for K‑12 education among the fifty states, as determined by the joint legislative budget committee.

(b)  At least ninety-four percent of the third grade students in this state are reading at or higher than the third grade reading level as measured on the test prescribed by section 15-741.

(c)  The high school graduation rate in this state is at least ninety‑three percent. END_STATUTE

START_STATUTE42-1302.  Suspension of credits and reductions

A.  Following every fiscal year, the superintendent of public instruction shall determine whether a trigger event has occurred and report the findings of this determination 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.

B.  Notwithstanding sections 42-15001 and 43-1111, until a trigger event occurs, both of the following apply:

1.  The assessed valuation of class one property described in section 42‑12001 is eighteen and one-half percent of its full cash value or limited valuation, as applicable.

2.  There 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 title 43 or by law, taxes in an amount of six percent of net income or fifty dollars, whichever is greater.

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