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Katten Muchin Rosenman LLP

Tax Provision Changes: How the OBBBA Impacts Individuals, Businesses and Estate Planning

The One Big Beautiful Bill Act (the OBBBA), Pub. L. No. 119-21, was enacted July 4, 2025. The OBBBA makes numerous changes to the United States Internal Revenue Code of 1986 (the Code)....more

McCarter & English, LLP

What OBBBA Means for Individual Taxpayers: Key Takeaways

On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill or OBBBA, which includes many tax law changes impacting individuals. The changes cover a broad range of...more

Roetzel & Andress

Social Security Still Taxed Under One Big Beautiful Bill Act

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As many people may remember one of Donald Trump’s campaign promises during the 2024 election was that he would eliminate taxes on social security. That did not happen. Instead, the recently enacted One Big Beautiful Bill Act...more

Venable LLP

SALT Alert: Final OBBBA Temporarily Expands SALT Cap and Revises AMT Phaseout

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The One Big Beautiful Bill Act (OBBBA or the Act), enacted in July 2025, introduces significant changes to the treatment of state and local tax (SALT) deduction and the alternative minimum tax (AMT). ...more

McGlinchey Stafford

Tax Deductions on Tips and Overtime Under Trump Tax Plan

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On July 4, 2024, President Trump signed the “Big Beautiful Bill,” which contains two provisions that provide federal income tax deductions on both tips and overtime compensation beginning January 1, 2025, through December 31,...more

Frost Brown Todd

Section 1202 and QSBS: A Survey of States That Don’t Conform to the Federal Treatment

Frost Brown Todd on

Section 1202 of the Internal Revenue Code provides a capital gains exclusion for certain qualified small business stock (QSBS) when a stockholder sells the same. This gain exclusion impacts venture-backed startups, angel...more

Ropes & Gray LLP

2025 Tax Legislation Update: Key Provisions and Implications of the “One Big Beautiful Bill Act”

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The “One Big Beautiful Bill Act” (the “BBB”) was signed into law by President Trump on July 4, 2025. The BBB generally extends certain tax provisions of the 2017 Tax Cuts and Jobs Act (“TCJA”) that would have otherwise...more

Jackson Walker

One Big Beautiful Bill Act Increases Deduction for State and Local Tax but Fails to Address Nexus Concerns

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In welcome news for individual taxpayers, the One Big Beautiful Bill Act temporarily increases the “SALT cap” – the limit on the amount of the income tax deduction for state and local income, sales, and property taxes – from...more

Warner Norcross + Judd

The One Big Beautiful Bill: Impact on Individuals

Warner Norcross + Judd on

While most of us were enjoying the summer and the holiday weekend, Congress passed, and President Donald Trump signed, major tax legislation commonly called the One Big Beautiful Bill with the acronym, OBBBA. OBBBA covers a...more

BakerHostetler

Analysis of Opportunity Zone and Related Tax Credit Changes Under the 2025 Tax Legislation

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In this alert, which is part of an eight-part series taking a deeper dive into various portions of the Legislation (International Tax; Opportunity Zone and Tax Credits; Green Energy Credits; Estate Planning and Individual Tax...more

Morrison & Foerster LLP

One Big Beautiful Bill Expands Qualified Small Business Stock Exemptions

President Trump signed into law the One Big Beautiful Bill Act (the “Act”) on July 4, 2025 (the “Signing Date”). Among the Act’s significant tax extensions and changes to tax law are several taxpayer-favorable revisions to...more

Rivkin Radler LLP

Closely Held Businesses and Their Owners Ask: What’s Big and Beautiful in the Recent Tax Law?

Rivkin Radler LLP on

The “One Big Beautiful Bill Act” (the “Act”) was signed into law last week, on July 4. As promised by the White House, the Act extends – i.e., purports to make “permanent” – many of the otherwise expiring provisions that were...more

Kelley Drye & Warren LLP

What’s in the Newly Enacted One Big Beautiful Bill Act

On July 4, 2025, President Trump signed into law the ​“One Big Beautiful Bill Act” (the ​“2025 Act”). The Act makes permanent some provisions originally enacted in 2017 as part of the Tax Cuts and Jobs Act (the ​“2017 Act”),...more

Levenfeld Pearlstein, LLC

The One Big, Beautiful Bill’s Key Provisions

President Trump signed into law major tax legislation on July 4, 2025. While the bill itself is almost a thousand pages long, below is a bite-size summary of what you need to know about key provisions: Individual Income and...more

Vinson & Elkins LLP

One Big Beautiful Bill Act: Key Tax Impacts for Businesses

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On July 4, 2025, President Donald J. Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. Congress passed the OBBBA through budget reconciliation, a special legislative process that allows Congress to advance...more

Eversheds Sutherland (US) LLP

Georgia’s 2025 legislative session: Tax legislation overview

During the 2025 legislative session, the Georgia General Assembly passed several notable tax related bills including further decreasing the income tax rate and extending the time period for taxpayers to protest and appeal the...more

Morgan Lewis

German Tax Legislation Before the End of the Legislative Period

Morgan Lewis on

Due to the end of the so-called traffic light coalition and the upcoming new elections in Germany, numerous draft tax bills will not be adopted prior to the end of this legislative period. However, the Annual Tax Act 2024 was...more

Womble Bond Dickinson

Review of 2022 Arizona Tax Highlights

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ARIZONA TO IMPLEMENT 2.5% FLAT TAX AHEAD OF SCHEDULE - Governor Doug Ducey announced that Arizona will implement its new 2.5% flat income tax rate on January 1, 2023, a full year ahead of schedule. According to Gov. Ducey,...more

Foster Garvey PC

The Turbulent Ride for Washington’s New Capital Gains Tax Continues – The New Tax Regime Took Another Hit, But This Setback Came...

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As previously reported on May 7 and June 17 of this year, Washington state lawmakers enacted a new capital gains tax, set to go into effect on January 1, 2022, but two lawsuits were initiated to declare the tax...more

Schwabe, Williamson & Wyatt PC

Enactment of SB 164 and Changes to Oregon's Corporate Activity Tax

Although Oregon’s 2021 legislative session turned out to be relatively quiet from a tax perspective, we did experience some changes to Oregon’s Corporate Activity Tax (“CAT”). Those changes were primarily in the form of SB...more

Brooks Pierce

Brooks Pierce Capital Dispatch: Updates from the NC General Assembly and Governor’s Office - June 2021 #2

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This week, Legislators worked on the budget bill and considered other bills. State Budget Bill - House and Senate leaders this week announced an agreement for state budget spending caps for fiscal years 2022 and 2023....more

Flaster Greenberg PC

NJ Passes New Workaround Rule for SALT Deductions

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On January 13, 2020, New Jersey Governor Phil Murphy signed into law the “Pass-Through Business Alternative Income Tax Act” (the Workaround Act). The Workaround Act establishes an elective entity level tax on an individual’s...more

Brooks Pierce

North Carolina Legislative Update - November 2019 #2

Brooks Pierce on

Legislators left Raleigh this past Friday after passing bills drawing new congressional district lines and some additional appropriations bills. They plan to return on Jan. 14 for a session that may consider a variety of...more

McDermott Will & Schulte

Gross Receipts Taxes Face Policy and Legal Challenges

As the economy shifts to a digital one, we are finding that states are turning toward unconventional revenue options. One trend we’re seeing is the surprising comeback of the gross receipts tax (GRT): • Oregon’s new...more

Foster Garvey PC

Referendum to Repeal Oregon Corporate Activity Tax Has Wind Taken Out of Its Sails – The New Tax May Be Here to Stay

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As we reported in our June 4 blog post, Oregon lawmakers had recently enacted a “corporate activity tax” (“CAT”) that applies to certain Oregon businesses. The new law, absent challenge, becomes effective January 1, 2020. We...more

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