HB 2573 Summary

• Establishes a corporate minimum income tax of $500 for all Arizona corporations unless otherwise exempt under tax law.

• Maintains existing corporate tax rates that phase down from 6.968% (through 2013) to 4.9% of net income (from 2017 onward), with intermediate reductions in intervening years.

• Applies to taxable years beginning after December 31, 2018.

• Requires a two-thirds affirmative vote in both houses of the legislature to enact, and becomes effective immediately upon the governor's signature or upon a three-fourths vote override if vetoed.