REFERENCE TITLE: corporate income tax; repeal credits

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

HB 2597

Introduced by Representatives Campbell, Ableser, Chabin, Farley, Hale, Hobbs, Pancrazi, Patterson, Wheeler: Alston

 

AN ACT

 

Amending section 43-1111, Arizona Revised Statutes; repealing title 43, chapter 11, article 6, 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 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 5.4 per cent of net income or fifty dollars, whichever is greater. END_STATUTE

Sec. 2.  Repeal

Title 43, chapter 11, article 6, Arizona Revised Statutes, is repealed.

Sec. 3.  Conforming legislation

The legislative council staff shall prepare proposed legislation conforming the Arizona Revised Statutes to the provisions of this act for consideration in the fiftieth legislature, second regular session.

Sec. 4.  Effective date

This act is effective and applies to taxable years beginning from and after December 31, 2011.