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REFERENCE TITLE: corporate tax freeze; educational outcomes |
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State of Arizona Senate Fifty-third Legislature Second Regular Session 2018
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SB 1359 |
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Introduced by Senators Mendez: Bradley, Dalessandro, Otondo, Quezada; Representatives Andrade, Blanc, Chávez, Navarrete
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AN ACT
Amending title 43, chapter 11, article 2, Arizona Revised Statutes, by adding section 43-1112; relating to corporate income taxes.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 43, chapter 11, article 2, Arizona Revised Statutes, is amended by adding section 43-1112, to read:
43-1112. Freeze on corporate income tax rate contingent on educational outcomes
A. Notwithstanding, and in lieu of the rates prescribed in, section 43-1111, unless the superintendent of public instruction reports that the educational goal prescribed in subsection B, paragraph 1 of this section has been achieved, a tax shall be levied, collected and paid for the taxable year on the entire Arizona taxable income of every corporation, unless the corporation is exempt under section 43-1126 or 43-1201 or as otherwise provided in this title or by law, in an amount of six percent of net income or fifty dollars, whichever is greater.
B. The superintendent of public instruction shall:
1. Following each fiscal year, determine whether the statewide high school graduation rate for the preceding school year was at least ninety‑five percent.
2. On or before December 1, Report the findings of the determination made pursuant to paragraph 1 of this subsection to the governor, the director of the department of revenue, the president of the senate and the speaker of the house of representatives.
Sec. 2. Applicability
This act applies to taxable years beginning from and after December 31, 2018.