ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fifth Legislature

Second Regular Session

 

HB 2701: TPT; prime contracting; tax base

Sponsor: Representative Biasiucci, LD 5

Committee on Ways & Means

Overview

Reduces the prime contracting classification tax base to 60% of the gross proceeds of sales or gross income for contracts entered into beginning July 1, 2023 and then to 55% beginning July 1, 2024.

History

The prime contracting classification is comprised of the business of prime contracting and the business of manufactured building dealer.  Current law provides that the tax base for the prime contracting classification is 65% of the gross proceeds of sales or gross income derived from the business.  (A.R.S. § 42-5075.B)

Provisions

1.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteSets the tax base to 60% for contracts entered into beginning July 1, 2023 and ending June 30, 2024.  (Sec. 1)

2.   Sets the tax base to 55% for contracts entered into beginning July 1, 2024.  (Sec. 1)

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6.                     HB 2701

7.   Initials  VP Page 0 Ways & Means

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