The latest on the One Big Beautiful Bill Act, wealth taxes and more, reported by Tim Sarson (KPMG).
Senate releases its version of One Big Beautiful Bill Act
On 16 June 2025 the US Senate Finance Committee released its version of the One Big Beautiful Bill Act (OBBBA).
Both the House and Senate versions of the OBBA would make permanent most of the expiring individual tax provisions of the Tax Cuts and Jobs Act (TCJA) and temporarily provide for tax benefits promised by the President for tip income overtime pay and auto loan interest. However the Senate Bill differs from the House Bill in several ways. Notably it would:
reinstate and make permanent expensing of R&D costs the higher Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) cap on the deduction for interest and 100% bonus depreciation (the House Bill would...
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The latest on the One Big Beautiful Bill Act, wealth taxes and more, reported by Tim Sarson (KPMG).
Senate releases its version of One Big Beautiful Bill Act
On 16 June 2025 the US Senate Finance Committee released its version of the One Big Beautiful Bill Act (OBBBA).
Both the House and Senate versions of the OBBA would make permanent most of the expiring individual tax provisions of the Tax Cuts and Jobs Act (TCJA) and temporarily provide for tax benefits promised by the President for tip income overtime pay and auto loan interest. However the Senate Bill differs from the House Bill in several ways. Notably it would:
reinstate and make permanent expensing of R&D costs the higher Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) cap on the deduction for interest and 100% bonus depreciation (the House Bill would...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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