2025 Tax Legislative Updates: Extenders and Strategic Planning
Understand how the One Big Beautiful Bill Act (OBBBA) will impact your tax planning.
Now that the One Big Beautiful Bill Act (OBBBA) has been signed into law, business and organizational leaders should pay close attention to the impact this can have on their operations.
GHJ is here to provide clarity and be a resource for clients and businesses responding to tax changes. As new provisions impact tax strategies, GHJ can serve as a source of up-to-date insights and implications for your business and its financial planning. GHJ's expert tax team is here to support you and your business in taking advantage of tax opportunities and addressing potential challenges.
Insights to Help You Plan with Confidence
Expert guidance from GHJ’s Tax Practice can help you address legislative changes, evaluate business implications and make informed decisions about tax reform in 2025.
Explore Key Impact Areas
See how GHJ’s professionals can support your needs as the tax landscape evolves.
H.R. 1 revisits several significant business tax provisions originally changed by the 2017 Tax Cuts and Jobs Act (TCJA). Key measures include the reinstatement of 100% bonus depreciation under Section 168(k), the ability to expense U.S.-based research and experimentation costs under Section 174 and a return to the EBITDA-based limitation on business interest expense under Section 163(j).
Explore GHJ's Corporate Tax services.
For high-net-worth individuals and estate planners, the OBBBA includes impactful provisions that will shape planning strategies for years to come.
OBBBA impact on high net worth individuals.
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From making the tax rate on what was formerly known as GILTI income permanent and increasing the Base Erosion and Anti-Abuse Tax rate, to establishing more favorable sourcing of income from domestically manufactured goods, the OBBBA marks significant changes for businesses and individuals with cross-border activities.
OBBBA international tax impact.
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For some nonprofit organizations, new tax credits and giving incentives could transform fundraising strategies. For others, increased regulatory oversight and modified donor incentives will require significant operational changes. All nonprofits must now adapt to a philanthropic environment that looks fundamentally different.
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Beginning in 2025 and running through 2029, the federal deduction cap for State and Local Taxes (SALT) increases from $10,000 to $40,000 ($20,000 for married filing separately). The cap will increase slightly each year (indexed at 1% annually after 2025), then revert to $10,000 in 2030.
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From an increase to the annual expensing limit under Section 179 to bonus depreciation being made permanent at 100%, the OBBBA delivers favorable tax provisions for middle market buyers and sellers.
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Additional Resources
Trusted resources from across the tax and policy landscape to help you stay fully informed.
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