AZ HB2503

Amends Arizona Revised Statutes section 43-1111 to reduce the corporate income tax rate from 6.968% to 5% of net income.

The minimum tax amount of $50 remains unchanged regardless of net income level.

Applies to all Arizona corporations unless otherwise exempt under sections 43-1126, 43-1201, or other provisions of state tax law.

Effective for taxable years following the bill's enactment during the 2011 legislative session.