AZ SCR1008

Proposes a constitutional amendment to eliminate Arizona's income tax on individuals, corporations, and other legal entities beginning January 1, 2015.

Requires the legislature to enact annual reductions in individual and corporate income tax rates to eliminate income taxation before the 2015 deadline.

Allows the legislature to increase transaction privilege tax (sales tax) rates on existing business classifications to compensate for lost income tax revenue, exempt from typical revenue increase restrictions if merely compensatory.

Applies the income tax prohibition to the state and all counties, cities, towns, and other political subdivisions of Arizona.

Requires voter approval through a general election ballot measure titled the "Arizona Fair Tax."