AZ SB1454

Allows taxpayers to deduct the full amount of depreciation allowed under section 168(k) or section 179 of the Internal Revenue Code for property placed in service in taxable years beginning after December 31, 2017, at the taxpayer's election.

Removes the prior phase-in percentages (10%, 55%, and full amount) for bonus depreciation deductions and makes full expensing available immediately for qualifying property.

Renumbers various provisions in sections 43-1021 and 43-1022 to reflect the removal of an outdated section 179 expense limitation that previously capped deductions at $25,000 for taxable years beginning before January 1, 2013.

Adds exclusions for net capital gains and losses derived from exchanges of one kind of legal tender for another kind of legal tender, effective for taxable years beginning after December 31, 2017.

Clarifies that taxpayers claiming eligible business access expenditures for Americans with Disabilities Act compliance cannot deduct amounts required to cure violations cited by federal or state enforcement officials.