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REFERENCE TITLE: corporate income tax rate reduction |
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State of Arizona Senate Fiftieth Legislature First Regular Session 2011
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SB 1162 |
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Introduced by Senators Yarbrough, Allen, Barto, Biggs, Bundgaard, Gould, McComish, Murphy, Pierce S, Reagan, Smith
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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:
43-1111. 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 6.968 per cent of net income or fifty dollars, whichever is greater. the greater of fifty dollars or:
1. For taxable years beginning through December 31, 2012, 6.968 per cent of net income.
2. For taxable years beginning from and after December 31, 2012 through December 31, 2013, 6.476 per cent of net income.
3. For taxable years beginning from and after December 31, 2013 through December 31, 2014, 5.984 per cent of net income.
4. For taxable years beginning from and after December 31, 2014 through December 31, 2015, 5.492 per cent of net income.
5. For taxable years beginning from and after December 31, 2015, five per cent of net income.