Bill > HB2840

This bill amends Section 43-1111 of the Arizona Revised Statutes, which relates to corporate income tax rates. The key provisions are as follows: 1. Maintains the existing corporate income tax rate structure, which gradually reduces the rate from 6.968% to 4.9% over several years. 2. Establishes a minimum tax of $1,000 for corporations with 50 or more employees that are not otherwise exempt from corporate income tax. 3. Specifies that the amended Section 43-1111 applies to taxable years beginning on or after December 31, 2024. 4. Requires a two-thirds vote of the legislature and the governor's signature (or a three-fourths vote of the legislature to override a veto) for the act to be effective, as it relates to tax rates.