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AZ HB2003

Bill

Official Source

Status

Engrossed

2/21/2023

Primary Sponsor

David Livingston

Click for details

Origin

House of Representatives

Fifty-sixth Legislature - First Regular Session (2023)

AI Summary

  • Amends Arizona Revised Statutes Section 43-1111 to reduce corporate income tax rates with a phase-in schedule from 2023 through 2026.

  • Establishes tax rate of 4.0 percent for taxable years beginning after December 31, 2022 through December 31, 2023.

  • Reduces tax rate to 3.5 percent for 2024, 3.0 percent for 2025, and 2.5 percent for taxable years beginning after December 31, 2025.

  • Maintains minimum corporate income tax of $50 per corporation unless otherwise exempt.

  • Applies retroactively to taxable years beginning after December 31, 2022.

Legislative Description

Corporate income tax; rates

Rates

Last Action

Senate APPROP Committee action: Do Pass, voting: (7-0-3-0)

3/21/2023

Committee Referrals

Rules2/21/2023
Appropriations2/21/2023
Rules1/9/2023
Appropriations1/9/2023
Ways and Means1/9/2023

Full Bill Text

No bill text available