News & Analysis as of

SALT Income Taxes Tax Legislation

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

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

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

BakerHostetler

Analysis of Estate Planning and Individual Tax Changes Under the 2025 Tax Legislation

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For individual clients, the Legislation provides estate and tax planning opportunities, including through the increase in the federal gift, estate and generation-skipping transfer (GST) tax exemptions....more

Gould + Ratner LLP

Your Guide to the Tax Implications of the One Big Beautiful Bill

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The Tax Cuts and Jobs Act (“TCJA”), which was signed into law on December 22, 2017, made some of the most significant changes to the tax law since the Tax Reform Act of 1986. Absent further legislation, many of the provisions...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 The Act makes permanent some provisions originally enacted in 2017 as part of the Tax Cuts and Jobs Act (the ​“2017 Act”),...more

Ballard Spahr LLP

President Trump’s Budget Extends His 2017 Individual Tax Provisions

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President Trump signed into law what is commonly referred to as the One Big Beautiful Bill Act (OBBBA), extending provisions from the Tax Cuts and Jobs Act of 2017 otherwise set to expire at the end of this year. The new...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

Pillsbury Winthrop Shaw Pittman LLP

Parallel Play: The U.S. Senate Finance Committee Releases Its Version of the “Big, Beautiful Bill”

When toddlers engage in parallel play, the children play adjacent to each other, but do not try to influence one another’s behavior. Apparently, parallel play can extend well into adulthood and to the writing of federal...more

Foster Garvey PC

The House Passes a Tax Bill Containing a SALT Cap Compromise That Is Slightly Better Than Its Prior Proposal

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As reported on May 16, 2025, the SALT cap proposal contained in the legislation that was pending in the U.S. House of Representatives (“House”) aimed at, among other things, dealing with the expiring provisions of the Tax...more

BakerHostetler

Tax Bill Proposes Trillions in Tax Cuts and Significant Tax Increases

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The race to remake portions of the Internal Revenue Code (Code) and to prevent expiration of certain Tax Cuts and Jobs Act (TCJA) provisions has begun, with House Ways & Means Committee proposals (the Markup) to spend...more

Bradley Arant Boult Cummings LLP

Guest notebook: Bradley partners offer predictions for spring Alabama tax legislation

Each year we are asked to predict the business tax-related bills that died in the last legislative session but will likely be re-introduced in one form or another, as well as the tax issues that we expect to see addressed for...more

Foster Garvey PC

Season's Greetings from Larry’s Tax Law

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Like last year, 2021 has been a difficult year. The COVID-19 pandemic continues to be at the forefront of everyone’s existence. On top of that, the Delta variant and the most recently discovered Omicron variant have entered...more

BakerHostetler

[Podcast] Phasing Out Corporate Income Taxes - North Carolina Edition

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Matt Hunsaker discusses recent North Carolina tax legislation, including phase-out/phase-down of corporate and individual income tax rates, an elective passthrough entity SALT cap workaround, and simplification of the...more

McDermott Will & Schulte

[Webinar] Tax in the City® - November 2nd, 11:30 am - 1:00 pm PDT

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Recent tax proposals may bring significant changes to the US federal, international and state and local tax landscape. Join us for our first nationwide Tax in the City® program for a discussion on the key proposed changes...more

BakerHostetler

[Podcast] 32nd Annual Legislative Seminar Series: Congresswoman Stephanie Murphy, D-Fla.

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Former Congressman Mike Ferguson, leader of BakerHostetler’s Federal Policy team, and former Congressman Heath Shuler, a Senior Advisor on the Federal Policy team host bipartisan leaders from the House and Senate to discuss...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

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