On July 4, 2025, President Trump signed into law H.R. 1, known as the One Big Beautiful Bill Act (the Act). The Act changes key features of US tax law.
Notably, the Act:
..Makes permanent the Section 199A2 pass-through entity deduction, 100% first-year bonus depreciation, expensing of research and experimental costs, reduced limitation on business interest deductions, lower individual tax rates, and certain other provisions that were set to expire under the 2017 Tax Cuts and Jobs Act (TCJA)
..Implements significant changes to the international tax regime
..Renews and enhances incentives for Qualified Opportunity Zones and qualified small business stock (QSBS)
This report analyzes and illustrates aspects of the Act relating to a range of taxpayer issues.
Please see full publication below for more information.
