HB 2003 — corporate income tax; rates

HOUSEHouse FLOOREngrossed AMENDMENTcorporate EXPLANATIONincome Billtax; Number:

HBrates State of Arizona House of Representatives Fifty-sixth Legislature First Regular Session HOUSE BILL 2003 FloorAN AmendmentACT LivingstonAMENDING TheSECTION Floor43-1111, amendmentARIZONA inREVISED Rep.STATUTES;

Livingston'sRELATING nameTO datedCORPORATE JanuaryINCOME 26,TAX. 2023 at 6:08 PM is a retroactivity clause that makes the bill effective beginning January 1, 2023.

Amendment(TEXT explanationOF preparedBILL byBEGINS VinceON PerezNEXT PhonePAGE) Number- 926-5989i ls- 1/27/2023 Fifty-sixth Legislature Livingston First Regular Session H.B.

2003 LIVINGSTONBe FLOORit AMENDMENTenacted HOUSEby OFthe REPRESENTATIVESLegislature AMENDMENTSof TOthe H.B.State of Arizona:

2003Section (Reference1. to printed bill) Page 1, after line 26, insert:

"Sec.Section 43-1111, Arizona Revised Statutes, is amended to read:

43-1111.

Tax rates for corporations There shall be levied, collected and paid for each taxable year upon ON the entire Arizona taxable income of every corporation, unless exempt under section 43-1126 or 43-1201 or as otherwise provided in this title or by law, taxes in an amount of the greater of fifty dollars $50 or:

1.

For taxable years beginning through December 31, 2013, 6.968 per cent PERCENT of net income.

RetroactivityFor This act applies retroactively to taxable years beginning from and after December 31, 2022."2013 Amendthrough titleDecember to31, conform2014, DAVID6.5 LIVINGSTONper 2003FloorLIVINGSTON.docxcent 01/26/2023PERCENT 6:08of PMnet C:income.

ED3.

For taxable years beginning from and after December 31, 2014 through December 31, 2015, 6.0 per cent PERCENT of net income.

4.

For taxable years beginning from and after December 31, 2015 through December 31, 2016, 5.5 per cent PERCENT of net income.

5.

For taxable years beginning from and after December 31, 2016 THROUGH DECEMBER 31, 2022, 4.9 per cent PERCENT of net income.

6.

FOR TAXABLE YEARS BEGINNING FROM AND AFTER DECEMBER 31, 2022 THROUGH DECEMBER 31, 2023, 4.0 PERCENT OF NET INCOME.

7.

FOR TAXABLE YEARS BEGINNING FROM AND AFTER DECEMBER 31, 2023 THROUGH DECEMBER 31, 2024, 3.5 PERCENT OF NET INCOME.

8.

FOR TAXABLE YEARS BEGINNING FROM AND AFTER DECEMBER 31, 2024 THROUGH DECEMBER 31, 2025, 3.0 PERCENT OF NET INCOME.

9.

FOR TAXABLE YEARS BEGINNING FROM AND AFTER DECEMBER 31, 2025, 2.5 PERCENT OF NET INCOME.

Sec.

2.

Retroactivity This act applies retroactively to taxable years beginning from and after December 31, 2022.

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