AZ HB2597

Reduces the corporate income tax rate from 6.968% to 5.4% of net income for all taxable years beginning after December 31, 2011, maintaining the $50 minimum tax requirement.

Repeals Title 43, Chapter 11, Article 6 of the Arizona Revised Statutes, which contains corporate income tax credits.

Directs the legislative council staff to prepare conforming legislation to align the Arizona Revised Statutes with the provisions of this act for consideration in the 2012 legislative session.

Applies to all Arizona corporations unless they are exempt under existing provisions of law.