As reported by KPHO and elsewhere, and confirmed by other sources, Governor Jan Brewer is likely to call a special session of the state legislature to pass a package of corporate tax cuts.
According to one source who has seen a preliminary version of the package, it will cost the state $500 million to $800 million and isn't paid for, so more massive budget cuts, probably to K-12 education, will be needed.
The 49th Arizona Legislature (2009-2010) had nine "special" sessions. The 50th Arizona Legislature (2011-2012) looks to be on pace to eclipse that mark.
More details as they become available...