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REFERENCE TITLE: corporate income tax credit; moratorium |
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State of Arizona House of Representatives Fifty-fourth Legislature First Regular Session 2019
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HB 2726 |
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Introduced by Representatives Blanc: Andrade, Bolding, Chávez, Espinoza, Fernandez, Friese, Lieberman, Longdon, Meza, Pawlik, Powers Hannley, Rodriguez, Sierra, Teller, Terán, Tsosie, Senators Mendez, Quezada
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AN ACT
Amending Title 43, chapter 2, article 3, Arizona Revised Statutes, by adding section 43-243; relating to the taxation of income.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 43, chapter 2, article 3, Arizona Revised Statutes, is amended by adding section 43-243, to read:
43-243. Corporate income tax credit moratorium
A. Notwithstanding any other law, the director shall issue a moratorium on corporate income tax credits if, on or before February 1 of the taxable year, the state transaction privilege tax growth rate and the total nonfarm employment growth rate are each less than one percent.
B. If a moratorium is issued pursuant to subsection A of this section, a taxpayer may not claim any of the premium tax credits allowed under title 20, chapter 2, article 1 or corporate income tax credits allowed under chapter 11, article 6 of this title for that taxable year or any carryforwards from a prior taxable year.