Description

The One Big Beautiful Bill Act includes new and renewed tax provisions. For your personal taxes, there’s now permanent favorable individual tax rates and increased alternative minimum tax exemptions. Similarly, both the state and local tax deduction cap and estate and gift tax exclusion threshold have increased. For organizations, employers need to plan for new tax rules and reporting requirements on overtime pay. For nonprofits, changes to charitable donation deductions could impact giving strategies. Clean energy funding remains available, but tax credit phaseout dates are tighter so consider projects soon. Other businesses can benefit from enhanced depreciation, business interest and R&D deductions.