ARIZONA HOUSE OF REPRESENTATIVES

Fifty-sixth Legislature

First Regular Session

 

HB 2003: corporate income tax; rates

Sponsor: Representative Livingston, LD 28

Committee on Ways & Means

Overview

Reduces the corporate income tax rate from 4.9% to:

· 4.0% for TY23;

· 3.5% for TY24;

· 3.0% for TY25; and

· 2.5% for TY26 and each year thereafter.

History

The corporate income tax rate is currently the greater of $50 or 4.9% of net income. The rate has previously been reduced from a rate of 6.968% for TY13 to the current rate of 4.9% beginning in TY17. (A.R.S. § 43-1111)

Provisions

1.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteReduces the rate to:

a)   4.0% for TY23;

b)   3.5% for TY24;

c)   3.0% for TY25; and

d)   2.5% for TY26 and each year thereafter. (Sec. 1)

2.   Makes technical changes. (Sec. 1)

 

 

 

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                  HB 2003

Initials VP  Page 0 Ways & Means

 

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