I looked up a few different portrait studio coupons & thought I'd share:
Olan Mills located inside K Mart on Power near the US 60: http://www.olanmills.com/coupons/default.asp
Target Portrait Studio located in Gilbert on Warner: http://targetportraits.com/content/coupons/coupons-print.htm
Sears Portrait Studio located inside Superstition Springs Mall, Fiesta Mall & Chandler Fashion Center Mall: http://www.searsportrait.com/cpi/en-US/offers/main/
JC Penney Portrait Studio located inside Superstition Springs Mall: http://www.jcpportraits.com/content/coupons/coupons-print.htm
I also posted the question "If YOU were getting a family portrait taken next week where would you go?" to a few money saving pages on Facebook to see if there are any other deals or great portrait studios that I haven't heard of. So once I get answers I will edit this or comment on it.