everything you need to know: One Big Beautiful Bill Act
Detailed summaries of tax changes for businesses and individuals
ONE bIG bEAUTIFUL BILL ACT
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. More information is on the way regarding these changes. Bookmark this page and check back to view new content as it is added.
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
Below is a timeline highlighting key legislative milestones for the One Big Beautiful Bill Act.
|
Date |
Event |
|
December 2024 |
President-elect Trump meets with Senate Republicans to push for a single, sweeping bill to enact his second-term agenda. |
|
January 2025 |
GOP leadership agrees to use the budget reconciliation process to bypass the Senate filibuster. |
|
May 16, 2025 |
Bill introduced in the House as H.R.1 by Rep. Jodey Arrington (R-TX). |
|
May 18, 2025 |
Passed by House Budget Committee (17–16 vote). |
|
May 22, 2025 |
Passed in the House (215–214–1 vote). |
|
July 1, 2025 |
Passed in the Senate (51–50 vote), with Vice President JD Vance casting the tie-breaking vote. |
|
July 3, 2025 |
House agrees to Senate amendments (218–214 vote). |
|
July 4, 2025 |
Signed into law by President Trump during a Fourth of July event at the White House. |
We highly recommend you contact a member of the Larson & Company tax team to discuss the aspects of these provisions that apply directly to you to ensure you have the most applicable information for your situation.
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