Among the more significant pieces of legislation passed this year, in a special session the legislature passed and the Governor signed House Bill 2001, which includes new incentives, tax credits, etc., that will allow Arizona to compete with other states to retain and lure businesses. House Bill 2001 creates the Arizona Commerce Authority, which will be comprised of, among others, seventeen top chief executive officers in the State. The new legislation also creates new tax credits to promote job creation, increased research and development, and small business growth. House Bill 2001 also establishes the “Arizona Competes Fund”, and allows the Authority to award deal closing grants to promote business within the State. The new legislation also reduces the corporate income tax rates for future years.