HB 2592 Summary

• Amends multiple Arizona tax code sections to renumber and reorganize existing tax deductions and exemptions without substantive changes to the underlying law.

• Updates references to specific paragraphs in section 42-5061 (retail classification deductions) and related sections throughout the Arizona Revised Statutes due to the removal of certain exemptions.

• Modifies the corporate income tax rate structure by adding a new tier: maintains 4.9% for taxable years 2017-2025, then increases to 5.5% for taxable years beginning after December 31, 2025.

• Requires a two-thirds affirmative vote of both houses of the legislature for enactment, as mandated by Arizona Constitution Article IX, Section 22.