News & Analysis as of

SALT Tax Reform Tax Planning

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

Hughes Hubbard & Reed LLP

Trump Law’s Estate Tax Exemption Is a Boon for Wealth Planning

President Donald Trump’s massive tax-and-spending package requires attention from both individuals and estate planners to advance their estate and income tax planning objectives. Originally Published by Bloomberg Law. ...more

Jackson Walker

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

Jackson Walker on

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

Cozen O'Connor

The Big Beautiful Bill: What Every High Net Worth Family Needs to Know

Cozen O'Connor on

The One Big Beautiful Bill Act (OBBBA), signed by President Donald Trump on July 4, 2025, brings sweeping changes to the tax code. While the name may sound like a marketing pitch, the law itself includes significant updates...more

Cozen O'Connor

Changes to Itemized Deductions in the OBBBA

Cozen O'Connor on

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law, which had narrowly passed through the United States Congress. The OBBBA makes permanent certain tax provisions that were due to expire...more

Davies Ward Phillips & Vineberg LLP

Major U.S. Tax Legislation Enacted Without Retaliatory Tax Provision

This bulletin follows our previous update on evolving U.S. tax reform, which highlighted the competing House and Senate proposals, particularly the introduction and scope of proposed Section 899 targeting "unfair foreign...more

Frost Brown Todd

Top 10 Biggest Business Tax Breaks (and Hits) in the One Big Beautiful Bill Act

Frost Brown Todd on

With a name like the One Big Beautiful Bill Act (OBBBA), you know two things right away: (1) it’s a mouthful, and (2) you’re going to have to wade through a lot to find the useful parts. Fortunately, two tax lawyers already...more

Verrill

Permanent Exemptions and New Deductions: What the 2025 Tax Law Means for Estate and Tax Planning

Verrill on

On July 4, 2025, President Trump signed into law the 2025 Budget Reconciliation bill, commonly known as the One Big Beautiful Bill Act (“Act”). This legislation extends several provisions from the Tax Cuts and Jobs Act...more

Goodwin

One Big Beautiful Bill Act - Tax Highlights Related to Real Estate Investors

Goodwin on

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA), which both extends many soon-to-expire provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) and makes several additional changes to the...more

Gould + Ratner LLP

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

Gould + Ratner LLP on

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

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Unpacking the One Big Beautiful Bill: What Changes Are Required to Optimize Your Estate Plan?

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (“OBBBA”) into law. The OBBBA is the tax and budget reconciliation package for the current 2025 fiscal year through 2034. While the bill focuses primarily...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

Bilzin Sumberg

Key Tax Provisions in the One Big Beautiful Bill Act: What Individuals and Businesses Need to Know

Bilzin Sumberg on

The enactment of the One Big Beautiful Bill Act (“OBBBA”) on July 4, 2025 is the first key piece of tax legislation passed during President Trump’s second administration. While preserving much of the structure established...more

Hone Maxwell

Tax Law Changes in the One, Big, Beautiful Bill Act: Key Takeaways

Hone Maxwell on

The One, Big, Beautiful Bill Act, passed on July 4, 2025, introduces many significant changes to U.S. tax law, affecting individual, estate and gift, business, and international tax provisions. For some of these changes, it...more

Cole Schotz

Salt Provisions In The One Big Beautiful Bill Act: A Mirage Rather Than A Panacea Of Relief For High-Income Earners

Cole Schotz on

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law ushering in sweeping federal tax changes. The legislation notably expands the Qualified Business Income (QBI) deduction for professionals...more

Cadwalader, Wickersham & Taft LLP

Taxpayers Worked Up About PTET Workarounds

The Senate’s version of the One Big Beautiful Bill Act (the “Act”) was released on June 16th, following the House’s passing of its version of the bill in late May. Among the many tax-related changes in both versions of the...more

Baker Donelson

SALT Select Developments - June 2025

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Lippes Mathias LLP

Countdown to Tax Changes: Navigating Budget Reconciliation 2025

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As the clock ticks down to the end of 2025, the impending sunset of key provisions of the Tax Cuts and Jobs Act (“TCJA”) looms large, threatening tax hikes for millions of Americans. With Congress at a crossroads, the...more

Cadwalader, Wickersham & Taft LLP

Leaked Memorandum Details Possible House Tax Proposals

On February 12, 2025, the House proposed a budget resolution that earmarked up to $4.5 trillion for tax cuts over the next ten years.  While the House has yet to elaborate on specific tax cuts or legislation, a widely...more

Levenfeld Pearlstein, LLC

PTET in Private Equity Accounting Deals in 2025 and Beyond?

In connection with the first Trump administration’s tax bill known as the Tax Cuts and Jobs Act (“Jobs Act”), a cap on state and local tax deductions was instituted at $10,000 (“SALT Cap”) for tax years 2018 through 2025. The...more

Eversheds Sutherland (US) LLP

SALT Scoreboard - Quarter 4, 2024

This is the fourth edition of the Eversheds Sutherland SALT Scoreboard for 2024. Since 2016, we have tallied the results of what we deem to be significant taxpayer wins and losses and analyzed those results. Our entire SALT...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

Proskauer - Tax Talks

Tax Proposals Potentially Being Considered by the U.S. House Budget Committee in Reconciliation

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On January 17, 2025, multiple news outlets and other sources reported the existence of a memorandum circulated by the U.S. House of Representatives Budget Committee to the House Republican Caucus (the “Memorandum”) containing...more

Seward & Kissel LLP

State Taxes: What to Expect in 2025

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A changing tax landscape is on the horizon for the new year. Many of the provisions of the 2017 Tax Cuts and Jobs Act (“TCJA”) are scheduled to expire at the end of the year. President-elect Trump has also proposed a variety...more

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