SB 1559 Summary

• Exempts new businesses (operating less than 5 years with principal place of business in Arizona) from filing fees with the Arizona Corporation Commission under section 10-122.

• Exempts new businesses from fees required by the Secretary of State under section 41-126 for notary public filings, trademark registrations, trade name registrations, and UCC filings.

• Exempts new businesses from the $12 transaction privilege tax license fee and municipal privilege tax license fees under section 42-5005.

• Requires the Department of Administration to be encouraged to award at least 5 percent of state contracts to new businesses and to submit annual reports to the Governor and Legislature on contract awards to new businesses, actions taken to reduce barriers, and recommendations for improvement.

• Defines "new business" as a business entity in operation for less than 5 years with its principal place of business in Arizona, excluding businesses that dissolve and reincorporate after the effective date.