AZ SB1162

Amends Arizona Revised Statutes section 43-1111 to reduce the corporate income tax rate from a flat 6.968% to a tiered structure phased in over five years.

Tax rates decrease gradually: 6.968% through 2012, 6.476% for 2013, 5.984% for 2014, 5.492% for 2015, and 5% for taxable years beginning after December 31, 2015.

Minimum tax obligation remains at $50 for all corporations, regardless of income level.

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