Bill > HB2421

This bill amends Arizona's corporate income tax rate structure by gradually reducing the tax rate over time. Currently, corporations pay taxes on their Arizona taxable income at a rate of 4.9% for taxable years between 2016 and 2025. The bill proposes to further reduce the corporate tax rate to 2% for taxable years beginning after December 31, 2025. The bill maintains the existing minimum tax requirement of $50, and does not apply to corporations that are exempt under certain sections of Arizona tax law. The changes represent a significant reduction in corporate tax rates, potentially aimed at making Arizona more competitive for business investment by lowering the tax burden on corporations operating in the state. The bill modifies section 43-1111 of the Arizona Revised Statutes, which governs corporate tax rates, and makes minor stylistic changes such as replacing "per cent" with "percent" and "upon" with "on" throughout the text.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/82221