{"id":7635,"date":"2025-07-17T06:00:00","date_gmt":"2025-07-17T06:00:00","guid":{"rendered":"https:\/\/greerwalker.com\/?p=7635"},"modified":"2025-08-08T16:27:11","modified_gmt":"2025-08-08T16:27:11","slug":"understanding-the-businesstax-implications-of-the-one-big-beautiful-bill-act","status":"publish","type":"post","link":"https:\/\/greerwalker.com\/understanding-the-businesstax-implications-of-the-one-big-beautiful-bill-act\/","title":{"rendered":"Understanding the Business Tax Implications of the One Big Beautiful Bill Act"},"content":{"rendered":"<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">The One Big Beautiful Bill Act (\u201cOBBBA\u201d), enacted July 4, 2025, represents the most sweeping set of business tax reforms since the Tax Cuts and Jobs Act of 2017. The OBBBA makes permanent and expands many temporary provisions from prior law, introduces new incentives, and repeals or curtails a range of green energy tax benefits. See below for a summary of the most significant business tax law changes, their effective dates, and practical implications for business taxpayers.<\/span><\/p>\n<div class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: center; line-height: normal;\" align=\"center\">\n<hr align=\"center\" size=\"2\" width=\"100%\" \/>\n<\/div>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 3;\"><strong><span style=\"font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Major Business Tax Law Changes<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Permanent 100% Bonus Depreciation (Full Expensing)<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l6 level1 lfo1; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Section 168(k) is amended to make 100% bonus depreciation permanent for qualified property acquired after January 19, 2025. The phase-down schedule is repealed, and taxpayers may elect a reduced percentage (40% or 60%) for property placed in service in the first taxable year ending after January 19, 2025, as a transitional measure.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l6 level1 lfo1; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Businesses can immediately expense the full cost of most tangible property with a recovery period of 20 years or less, including certain qualified improvement property and specified plants. This change simplifies planning and accelerates tax deductions for capital investments, enhancing after-tax cash flow.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Special Depreciation Allowance for Qualified Production Property<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l6 level1 lfo1; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> New Section 168(n) allows 100% expensing for certain nonresidential real property used in qualified production activities, with recapture rules if the property ceases to be used in production within 10 years.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Qualified Production Property (\u201cQPP\u201d) is nonresidential real property used by the taxpayer as an integral part of a qualified production activity; placed in service in the United States or any possession of the United States; the original use commences with the taxpayer; construction begins after January 19, 2025 and before January 1, 2029 and is placed in service before January 1, 2031.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>QPP does not include the facilities portion of nonresidential real property, which is used for offices, administrative services, lodging, parking, sales activities, research activities, software development or engineering activities or any other functions unrelated to the manufacturing, production or refining of tangible personal property.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Additional parameters apply around what constitutes a qualified production activity and qualified products.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Further guidance to be provided by Department of Treasury regarding required qualifications and application of new provisions.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l6 level1 lfo1; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> This provision targets manufacturing and production facilities, providing a powerful incentive, through immediate deduction of certain domestic investment in production capacity.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Increased Section 179 Expensing Limits<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l2 level1 lfo2; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The Section 179 expensing limit is increased to $2,500,000 (from $1,000,000), with the phase-out threshold raised to $4,000,000 (from $2,500,000), both indexed for inflation after 2024.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l2 level1 lfo2; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> More small and midsize businesses can fully expense qualifying property in the year placed in service, reducing taxable income and simplifying depreciation calculations.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Immediate Expensing of Domestic Research and Experimental (\u201cR&amp;E\u201d) Expenditures<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l8 level1 lfo3; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> New Section 174A allows immediate expensing of domestic R&amp;E expenditures paid or incurred in taxable years beginning after December 31, 2024. Foreign R&amp;E expenditures remain subject to 15-year amortization.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>There are two transition rules for the previously capitalized domestic R&amp;E expenditures for tax years beginning after December 31, 2021.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The first transitional rule is only available for certain small businesses, which would allow eligible taxpayers to elect to retroactively apply the new rules for domestic R&amp;E expenditures to taxable years beginning after December 31, 2021.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The second transitional rule is available for all taxpayers and allows for an election to deduct the unamortized domestic R&amp;E expenditures in the first taxable year beginning after December 31, 2024, or to deduct the amounts ratably over two years beginning in the first taxable year after December 31, 2024.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l8 level1 lfo3; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> This reverses the five-year amortization requirement for domestic R&amp;E under prior law, restoring immediate deductibility for innovative businesses.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Taxpayers will need to weigh their options under the transitional rules.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Restoration of EBITDA Add-Back for Business Interest Deduction Limitation<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l11 level1 lfo4; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Section 163(j) is amended to permanently restore the Earnings Before Interest, Taxes, Depreciation, and Amortization (\u201cEBITDA\u201d) add-back for the business interest deduction limitation, increasing the amount of deductible interest.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>New rules have been added to restrict businesses from capitalizing interest to avoid the 163(j) limitations.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Beginning in tax years after December 31, 2025 interest capitalized to other assets would be subject to the Section 163(j) limit, with exceptions for straddles and certain production property.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Additional provisions have been added to disregard certain types of income from the EBITDA calculations, primarily impacting companies that derive income, tax credits or dividends from foreign entities.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><em>Additional details are provided in the International OBBBA Summary.<\/em><\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l11 level1 lfo4; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The restoration of EBITDA to determine the interest limitations potentially allows businesses to deduct more interest expense, especially capital-intensive businesses, and aligns the limitation with pre-2022 rules.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The inclusion of capitalized interest in calculation 163(j) limitations is designed to prevent taxpayers from using capitalization to circumvent the interest expense limitations. <\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Qualified Business Income (\u201cQBI\u201d) Deduction (Section 199A) Enhancements for Business Owners<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l9 level1 lfo5; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> <a name=\"_Hlk203396393\"><\/a>The QBI deduction was originally set to expire at the end of 2025. However, the OBBBA makes the QBI deduction permanent. <span style=\"mso-spacerun: yes;\">\u00a0\u00a0<\/span>The calculations for the QBI deduction have certain income limits and thresholds, exceeding the thresholds triggers a phase-in of limitations.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The phase-in threshold is increased to $75,000 ($150,000 for joint filers).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Prior to the OBBBA, the phase-in threshold was $50,000 ($100,000 for joint filers).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>A new $400 minimum deduction is established for active business income for taxpayers with at least $1,000 in qualified business income from active trade or businesses, indexed for inflation after 2026.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l9 level1 lfo5; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> More taxpayers will benefit from the 20% QBI deduction, and active business owners are allotted a minimum deduction, providing greater certainty and benefit to small business owners.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Permanent Paid Family and Medical Leave Credit<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l7 level1 lfo6; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Section 45S is made permanent and expanded to include insurance premiums and clarify aggregation and state\/local paid leave rules.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l7 level1 lfo6; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Employers can claim a credit for providing paid family and medical leave, including insurance premiums, encouraging broader adoption of paid leave policies.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">New Floors for Charitable Contribution Deductions<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l10 level1 lfo7; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Corporations:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Only contributions exceeding 1% of taxable income are deductible, up to the existing 10% limit, with carryforward rules.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><a name=\"_Hlk203397727\"><\/a>Corporate contributions that exceed the existing 10% ceiling can be carried forward five years.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Contributions that fall below the 1% floor can only be carried forward if the corporations\u2019 totals contributions exceed the 10% ceiling in the year of contribution.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l10 level1 lfo7; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> These floors reduce the benefit of small charitable contributions and may affect giving patterns.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Additional tax planning is advised, and certain taxpayers may want to consider bundling of contributions over various tax years.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Permanent Extensions and Enhancements to Qualified Opportunity Zones, Low-Income Housing, and New Markets Tax Credits<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l4 level1 lfo8; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Qualified Opportunity Zones (\u201cQOZ\u201d):<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Qualified opportunity zones were originally established to spur economic development and job creation in economically distressed communities.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><a name=\"_Hlk203398651\"><\/a>The OBBBA makes the QOZ program permanent and introduces a decennial re-designation (10-year cycle of identifying new zones), includes expanded reporting requirements, new rural opportunity funds, and extended\/modified benefits.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l4 level1 lfo8; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Low-Income Housing Tax Credit:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> State credit ceiling increases are made permanent, and bond financing requirements are relaxed.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l4 level1 lfo8; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">New Markets Tax Credit:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> New Markets Tax Credit is made permanent, with a 5-year carryforward for unused allocations.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l4 level1 lfo8; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> These changes provide long-term certainty and expanded incentives for investment in low-income and distressed communities.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Early Termination of Green Energy Credits<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l1 level1 lfo12; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Credits for clean vehicles, alternative fuel property, energy efficient home improvements, residential clean energy, and others are terminated for property placed in service or acquired after various dates in 2025 or 2026<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l1 level1 lfo12; tab-stops: list .5in;\"><strong style=\"text-indent: -0.25in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Businesses should consider accelerating qualifying investments to benefit from these credits before their expiration.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Permanent Limitation on Excess Business Losses<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l0 level1 lfo9; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The limitation on excess business losses of noncorporate taxpayers under Section 461(l) is made permanent, with thresholds updated for inflation.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l0 level1 lfo9; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Noncorporate taxpayers (including partners and S corporation shareholders) will continue to face limits on the deductibility of business losses against nonbusiness income, affecting tax planning for loss-generating businesses.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Expanded Qualified Small Business Stock (\u201cQSBS\u201d) Exclusion<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l5 level1 lfo10; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> For stock acquired after enactment of the OBBBA, the exclusion is phased in: 50% for stock held 3 years, 75% for 4 years, and 100% for 5 years. The per-issuer limit increases to $15 million, and the gross assets test increases to $75 million, both indexed for inflation.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l5 level1 lfo10; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> This enhances the attractiveness of QSBS for investors and founders, encouraging investment in qualifying small businesses.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Increased 1099-MISC\/NEC Reporting Thresholds<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l3 level1 lfo11; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The 1099-MISC\/NEC reporting threshold increases from $600 to $2,000, indexed for inflation. <a name=\"_Hlk203398239\"><\/a>The de minimis threshold for third-party network transactions is restored to $20,000\/200 transactions for reporting and backup withholding.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l3 level1 lfo11; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Reduces compliance burden for small payments and casual sellers, but businesses must update systems to track new thresholds.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 4;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Expanded Tax on Excess Compensation for Tax-Exempt Organizations <\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l3 level1 lfo11; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> 21% excise tax on compensation exceeding $1 million paid to any individual employed by the tax-exempt organization after December 31, 2016.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>This provision will apply for tax years beginning after December 31, 2025.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l3 level1 lfo11; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Tax-Exempt Organizations could now be taxed on compensation paid to a broader group of highly compensated employees and will require tracking among related entities.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; margin-left: .25in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">\u00a0<\/span><\/p>\n<div class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; margin-left: .25in; text-align: center; line-height: normal;\" align=\"center\">\n<hr align=\"center\" size=\"2\" width=\"100%\" \/>\n<\/div>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-outline-level: 3;\"><strong><span style=\"font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Summary Table of Key Effective Dates<\/span><\/strong><\/p>\n<table class=\"MsoNormalTable\" style=\"width: 780px; border: 1pt solid windowtext; height: 909px;\" border=\"1\" width=\"636\" cellspacing=\"3\" cellpadding=\"0\">\n<thead>\n<tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision\/Change<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Effective Date<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"mso-yfti-irow: 1;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">100% Bonus Depreciation (Full Expensing)<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Property acquired after Jan 19, 2025<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 2;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; line-height: normal; mso-outline-level: 4;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Special Depreciation Allowance for Qualified Production Property<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Construction begins after January 19, 2025 and before January 1, 2029, property placed in service before January 1, 2031<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 3;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Section 179 Expensing Limit Increase<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Property placed in service after <\/span><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Dec 31, 2024<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 4;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Immediate Expensing of Domestic R&amp;E Expenditures<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Tax years beginning after Dec 31, 2024<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 5;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">EBITDA Add-Back for Section 163(j)<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Tax years beginning after Dec 31, 2024<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 6;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">QBI Deduction Enhancements <\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Tax years beginning after Dec 31, 2025<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 7;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Paid Family and Medical Leave Credit (Permanent)<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Tax years beginning after Dec 31, 2025<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 8;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Special Depreciation for Qualified Production Property<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Property placed in service after enactment<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 9;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Charitable Deduction Floors<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Tax years beginning after Dec 31, 2025<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 10;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">QOZ, LIHTC, NMTC Enhancements<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Generally after Dec 31, 2025<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 11;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Early Termination of Green Energy Credits<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Generally after Dec 31, 2025 or <\/span><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">June 30, 2026<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 12;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Permanent Limitation on Excess Business Losses<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Tax years beginning after Dec 31, 2026<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 13;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">QSBS Exclusion Expansion<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Stock acquired after enactment<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 14;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">1099-MISC\/NEC Reporting Thresholds Increase<\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Payments made after Dec 31, 2025<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 15; mso-yfti-lastrow: yes; height: 39.85pt;\">\n<td style=\"width: 263.0pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt; height: 39.85pt;\" width=\"351\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Expanded Tax on Excess Compensation for Tax-Exempt Organizations <\/span><\/p>\n<\/td>\n<td style=\"width: 209.25pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt; height: 39.85pt;\" width=\"279\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Tax years beginning after Dec 31, 2025<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: center; line-height: normal;\" align=\"center\">\n<hr align=\"center\" size=\"2\" width=\"100%\" \/>\n<\/div>\n<p>If you have questions on how the OBBBA affects your tax situation, please reach out to your contact at GreerWalker so we can help you interpret the impact to you or your company.<\/p>\n<div class=\"MBNchanges\" style=\"margin: 20px 0; border: 0px solid #ccc; padding: 0 20px 20px 20px;\">\n<h2 style=\"margin-top: 20px !important;\">Let&#8217;s Talk!<\/h2>\n<p>Call us at (704) 377-0239 or fill out the form below and we&#8217;ll contact you to discuss your specific situation.<\/p>\n<form id=\"\" class=\"standard2 mbn-recaptcha-form\" style=\"margin-top: 20px;\" accept-charset=\"utf-8\" action=\"https:\/\/app.hatchbuck.com\/onlineForm\/submit.php\" method=\"post\" name=\"form_895708301\"><input name=\"formID\" type=\"hidden\" value=\"form_895708301\" \/><input name=\"enableServerValidation\" type=\"hidden\" value=\"1\" \/><input name=\"enable303Redirect\" type=\"hidden\" value=\"0\" \/><\/p>\n<div class=\"MBNinput\" style=\"width: 100%; padding: 0px; margin: 0px; text-align: left;\"><input id=\"rsm_input_1\" class=\"mbntextbox\" name=\"q1_firstName1\" required=\"\" type=\"text\" placeholder=\"First Name\" \/><br \/>\n<input id=\"rsm_input_3\" class=\"mbntextbox\" name=\"q3_lastName3\" required=\"\" type=\"text\" placeholder=\"Last Name\" \/><br \/>\n<input id=\"rsm_input_5\" class=\"mbntextbox\" name=\"q5_company5\" type=\"text\" placeholder=\"Company\" \/><br \/>\n<input id=\"rsm_input_4\" class=\"mbntextbox\" name=\"q4_email\" required=\"\" type=\"email\" placeholder=\"Email Address\" \/><\/div>\n<div class=\"mbn-recaptcha-mountpoint\" style=\"margin: 10px 0 10px 0;\"><\/div>\n<p><button id=\"Button1\" class=\"mbnbutton_rsm\" type=\"submit\">Submit<\/button><\/p>\n<ul style=\"display: none;\">\n<li style=\"display: none;\">Should be Empty: <input name=\"website\" type=\"hidden\" value=\"895708301-895708301\" \/><\/li>\n<li style=\"display: none;\">Topic Name: <input name=\"q7_topic\" type=\"hidden\" value=\"Understanding the BusinessTax Implications of the One Big Beautiful Bill Act\" \/><\/li>\n<li style=\"list-style: none;\"><input id=\"simple_spc\" name=\"simple_spc\" type=\"hidden\" value=\"12192238341-12192238341\" \/><\/li>\n<\/ul>\n<\/form>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The One Big Beautiful Bill Act (\u201cOBBBA\u201d), enacted July 4, 2025, represents the most sweeping set of business tax reforms since the Tax Cuts and Jobs Act of 2017. The OBBBA makes permanent and expands many temporary provisions from prior law, introduces new incentives, and repeals or curtails a range of green energy tax benefits. This article provides a summary of the most significant business tax law changes, their effective dates, and practical implications for business taxpayers.<\/p>\n","protected":false},"author":4,"featured_media":7633,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_opengraph-image":"https:\/\/greerwalker.com\/wp-content\/uploads\/2025\/07\/GreerWalker-Social-pexels-photo-2977565-392.png","_yoast_wpseo_opengraph-image-id":"7634","_yoast_wpseo_twitter-image":"https:\/\/greerwalker.com\/wp-content\/uploads\/2025\/07\/GreerWalker-Social-pexels-photo-2977565-392.png","_yoast_wpseo_twitter-image-id":"7634","_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[26],"tags":[],"class_list":["post-7635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding the Business Tax Implications of the One Big Beautiful Bill Act | GreerWalker CPAs &amp; Business Advisors<\/title>\n<meta name=\"description\" content=\"The Infrastructure Investment and Jobs Act passed in November ended the employee retention credit (ERTC) early, changing the eligible wages to only those paid before Oct. 1, 2021 rather than Jan. 1, 2022 as previously expanded in the American Rescue Plan Act.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/greerwalker.com\/understanding-the-businesstax-implications-of-the-one-big-beautiful-bill-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding the Business Tax Implications of the One Big Beautiful Bill Act | GreerWalker CPAs &amp; Business Advisors\" \/>\n<meta property=\"og:description\" content=\"The Infrastructure Investment and Jobs Act passed in November ended the employee retention credit (ERTC) early, changing the eligible wages to only those paid before Oct. 1, 2021 rather than Jan. 1, 2022 as previously expanded in the American Rescue Plan Act.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/greerwalker.com\/understanding-the-businesstax-implications-of-the-one-big-beautiful-bill-act\/\" \/>\n<meta property=\"og:site_name\" content=\"GreerWalker CPAs &amp; 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