Withum

JULY 4, 2025

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. Amounts continued to be adjusted until the the state and local tax cap will revert to $10,000 in the 2029 taxable year.

income tax 119

income tax Tax Kentucky Agriculture 119

Withum

JUNE 24, 2025

This results in pass-through business owners avoiding the $10,000 state and local income tax limitation on their pass-through income. This limitation would apply to all pass-through businesses, and unlike the House bill’s proposal, would not be subject only to SSTBs.

Tax 72

Tax income tax New York corporation tax 72

Insightful Accountant

JUNE 30, 2025

The SALT deduction changes remain substantial, retroactively increasing the limitation to $40,000 for 2025 and $40,400 for 2026, with one percent annual increases through 2029 before reverting to $10,000 in 2030. The phaseout for high earners above $500,000 remains, but workaround limitations were dropped.

general ledger 52

general ledger Alaska New Hampshire Construction 52

Dent Moses

JULY 8, 2025

Among its major provisions, The Act offers deductions to eliminate income taxes on certain tips and overtime pay, enhances small business tax relief, and repeals numerous clean energy tax incentives. The increased deduction phases out between $500,000 and $600,000 of MAGI.

Gambling 49

Gambling Manufacturing Construction Tax 49

Withum

JULY 1, 2025

House Bill vs. Senate Bill Comparisons of the major individual income tax provisions in the House bill versus the Senate bill are highlighted below. The Senate bill would allow for an increased $40,000 state and local tax limit in 2025 and increase that amount through 2029, and apply similar modified AGI limitations as the House.

Tax 104

Tax income tax Education tax services 104

Withum

JULY 16, 2025

The bill includes a variety of tax items that will impact auto dealer business taxes, personal income taxes and estate and gift taxation. This article will highlight the pertinent areas of the OBBBA that will impact auto dealership businesses and owners.

Rhode Island 64

Rhode Island income tax Tax New Hampshire 64

Withum

MAY 13, 2025

While the bill could face additional adjustments in the Senate, it provides the framework for 2025 tax reform.The significant business income tax provisions are highlighted below. Specified taxes include state and local real property taxes, personal property taxes and income taxes.

Tax 122

Tax income tax Real Estate tax return 122