One Big Beautiful Bill Act

ONE bIG bEAUTIFUL BILL ACT

October 21, 2025

Final tax provisions announced 

With the passage of the One Big Beautiful Bill Act, which was signed into law by President Trump on July 4, many provisions within the tax code have changed. Below are summaries of key tax provisions we believe will be of most interest to you and your business. 

Business Tax Provisions

• Permanent Extension of the Section 199A Qualifies Business Income Deduction
• Changes To The Section 163(J) Business Interest Limitation
• Increased Threshold for Form 1099 Filings
• OBBBA Changes to Deductible Meals
• Energy-Efficient Building Deduction Set to Expire in 2026
• What the One Big Beautiful Bill Act Means for the Employee Retention Credit
• Expanded Tax Benefits for Qualified Small Business Stock Under Section 1202
• New Rules for Deducting Domestic Research and Experimentation Expenses
• 100% Bonus Depreciation Restored
• 100% Bonus Depreciation on Qualified Production Property
• The One Big Beautiful Bill's Impact on Nonprofit Organizations
• Impact of One Big Beautiful Bill on the Insurance Industry

Individual Tax Provisions

• Extension and Enhancement of Child Tax Credit & Non-Child Dependent Tax Credit
• Gift & Estate Tax Exemption
• Changes to Health Savings Accounts (HSAs)
• Itemized Deduction: State and Local Tax (SALT) Cap
• Lower Tax Rates Made Permanent Under the OBBBA
• New Enhanced Deduction for Seniors 
• Changes to Itemized Deductions
• No Tax on Tips, Overtime, or Car Loan Interest
• Above-the-line Charitable Donation
• Accelerated Sunset of Energy-Related Tax Credits for Individual Taxpayers
• Qualified Opportunity Zones
• Roth IRA Conversions After The Big Beautiful Bill: What To Know

podcast episode links

• One Big Beautiful Bill — Business Follow Up
• One Big Beautiful Bill — Individuals Follow Up