Overview

• The One Big Beautiful Bill Act locks in 2017 TCJA individual provisions permanently, including income tax rates, standard deductions and the 20% Qualified Business Income deduction.
• It raises the federal SALT deduction cap to $40,000 for 2025–2029 with AGI-based phaseouts before a scheduled 2030 return to a $10,000 limit.
• Business and investor incentives now permanent include 100% bonus depreciation, a $2.5 million Section 179 expensing limit, immediate R&E write-offs, qualified production property deductions and an enhanced QSBS exclusion with tiered holding periods, a $75 million asset threshold and a $15 million gains cap.
• Many clean energy tax credits now require projects to be placed in service by the end of 2027 and face new domestic-content and foreign-entity restrictions.
• Employers must revise benefit plans to reflect permanent tax-free student loan repayments, broadened HSA eligibility, increased dependent care FSA caps and new taxable treatment for commuter and moving expense reimbursements.