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Arizona Revised Statutes (A.R.S.) § 43-1122(5) provides a deduction for dividends received from another corporation owned or controlled directly or indirectly by a recipient corporation. A.R.S. § 43-104(3) defines the types of organizations which are considered to be corporations for Arizona income tax purposes.
Holders of RSUs have no voting rights nor do they receive any dividends paid. Some companies may elect to pay dividend equivalents. For example, they may let dividends accrue and allocate those funds to cover some of the taxes due at vesting. Usually, vesting halts if the employee is terminated.
Arizona allows a subtractions from federal taxable income for dividends received from 50% or more controlled domestic corporations and dividends received from foreign corporations.
Key Takeaways. Qualified dividends must meet special requirements issued by the IRS. The maximum tax rate for qualified dividends is 20%, with a few exceptions for real estate, art, or small business stock. Ordinary dividends are taxed at income tax rates, which as of the 2023 tax year, maxes out at 37%.
Current Dividend Tax Bands The dividend tax rates for 2021/22 tax year are: 7.5% (basic), 32.5% (higher) and 38.1% (additional).
A dividend equivalent right entitles the recipient to receive credits equal to the cash or stock dividends or other distributions that would have been received on shares of stock had the shares been issued and outstanding on the dividend record date.
Dividend Distribution Tax is levied at the rate of 15% on dividends distributed by a domestic company and mutual fund. The tax is payable by the company or mutual fund and is not borne by the shareholders.