AZ HB2083

Shortens statute of limitations for individual income tax adjustments not based on federal information from four years to three years for taxable years beginning after December 31, 2014.

Allows individual income tax audits after an assessment is issued within the three-year period for changes based on federal information, limited to federal-based adjustments only.

Implements annual adjustment of income tax bracket thresholds for taxable years beginning after December 31, 2015 based on the metropolitan Phoenix consumer price index, with a floor preventing downward revision below prior year amounts.

Adds new tax deductions for individuals and corporations for section 179 depreciation deductions and bonus depreciation under section 168(k) of the internal revenue code for property placed in service after December 31, 2014, phased in over five years for individuals.

Makes conforming changes to interest calculations, audit duration rules, and commercial lease classification provisions related to the new statute of limitations and federal adjustment provisions.