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REFERENCE TITLE: corporate income tax; phase-out |
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State of Arizona Senate Fifty-fifth Legislature First Regular Session 2021
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SB 1252 |
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Introduced by Senators Petersen: Livingston
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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:
43-1111. 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 the greater of fifty dollars $50 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 through December 31, 2021, 4.9 per cent percent of net income.
6. For taxable years beginning from and after December 31, 2021 through December 31, 2022, 4.41 percent of net income.
7. For taxable years beginning from and after December 31, 2022 through December 31, 2023, 3.92 percent of net income.
8. For taxable years beginning from and after December 31, 2023 through December 31, 2024, 3.43 percent of net income.
9. For taxable years beginning from and after December 31, 2024 through December 31, 2025, 2.94 percent of net income.
10. For taxable years beginning from and after December 31, 2025 through December 31, 2026, 2.45 percent of net income.
11. For taxable years beginning from and after December 31, 2026 through December 31, 2027, 1.96 percent of net income.
12. For taxable years beginning from and after December 31, 2027 through December 31, 2028, 1.47 percent of net income.
13. For taxable years beginning from and after December 31, 2028 through December 31, 2029, 0.98 percent of net income.
14. For taxable years beginning from and after December 31, 2029 through December 31, 2030, 0.49 percent of net income.
15. For taxable years beginning from and after December 31, 2030, zero percent of net income.