SB 1211 Summary

• Amends Arizona Revised Statutes section 43-1111 to establish a phased reduction of the corporate income tax rate over four years.

• For taxable years through December 31, 2011, maintains the corporate income tax rate at 6.968 percent of net income or $50 minimum.

• Reduces the corporate income tax rate to 4.645 percent for taxable years beginning January 1, 2012 through December 31, 2012.

• Further reduces the corporate income tax rate to 2.322 percent for taxable years beginning January 1, 2013 through December 31, 2013.

• Eliminates the corporate income tax entirely (reduces rate to zero) for taxable years beginning January 1, 2014 and thereafter.