REFERENCE TITLE: income tax rate reduction; corporations

State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011

HB 2223

Introduced by Representative Fillmore

 

AN ACT

 

Amending section 43-1111, Arizona Revised Statutes; 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.  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 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, taxes in an amount of 6.968 3.484 per cent of net income or fifty dollars, whichever is greater. END_STATUTE

Sec. 2.  Retroactivity

This act applies retroactively to taxable years beginning from and after December 31, 2010.