DPA Caucus and COW X As Passed the House As introduced, provides a technical correction to the interstate sale of luxury items. The proposed strike-everything amendment provides for a corporate income tax rate reduction and increases the income threshold for the family tax credit.
Every corporation doing business in Arizona is required to file a corporate income tax return.
Corporate income is generally paid over three years therefore each drop in the rate is spread over three years. The impact increases in future years. In addition, the proposed strike-everything amendment proposes a change to the income threshold limits for the family income tax credit. In 1995 the legislature passed an individual income tax reduction. The tax credit is non-refundable and is available only for the tax year of the filing.