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2025 Tax Reform Highlights – What you need to know about the “One Big Beautiful Bill Act”

CapataCPA

The Act extends and enhances several key provisions from the 2017 Tax Cuts and Jobs Act (TCJA), revises energy-related incentives introduced in the Inflation Reduction Act (IRA), and introduces entirely new tax measures across multiple industries. Below is a summary of the most notable updates that may impact you or your business.

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Congress Passes One Big Beautiful Bill – President to Sign on July 4

Withum

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.

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Senate Reconciliation of Beautiful Bill: Key Changes in Latest Draft

Insightful Accountant

The section 48D advanced manufacturing credit for semiconductors and renewable energy increased to 35 percent from the earlier 30 percent rate. International Tax Changes Abandoned Treasury Secretary Bessents intervention led to dropping the section 899 retaliatory tax following a tentative G7 agreement.

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Key Provisions of the One Big Beautiful Bill Act

Dent Moses

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. SALT Cap: Temporarily raises the state and local tax deduction limit to $40,000 through 2029, reverting to $10,000 in 2030.

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Senate Republicans plan major revisions to Trump tax bill

Accounting Today

As the debate unfolds, businesses in the energy, health care, manufacturing and financial services industries will be watching closely. At the same time, so-called pass-through businesses in the service sector are pushing to remove a provision in the House bill that limits their ability to claim SALT deductions.

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What's new in July for state sales and use taxes

TaxConnex

Exemptions have also been broadened for items and services used by a manufacturer to produce food. Louisiana will exempt many prescription drugs from local sales taxes. Changes include combining sales and use tax returns and their permits into one and changing filing frequencies for sales and use tax from quarterly to monthly.

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House Presents Tax Reform Bill Including Multiple Business Provisions

Withum

However, this could be adjusted upon Senate review, as the Senate adjusted a similar provision under the Tax Cuts and Jobs Act, limiting adjusted taxable income to EBIT for certain years. Therefore, businesses such as manufacturing, auto dealerships and real estate will be able to avoid their PTET payments being capped at $30,000.

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