Middle Market Growth Conversations Inside the OBBBA's Tax Provisions
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Sep 13, 2025 Join Howard Wagner, managing director at Forvis Mazars, and Donald Rawe, partner specializing in private equity tax compliance, as they delve into the transformative tax provisions of the One Big Beautiful Bill. They discuss the resurgence of 100% bonus depreciation and its implications for capex-heavy firms. The duo also explores the complexities of pass-through deductions, state taxes, and the expanded benefits of Section 1202. Their insights shine a light on the evolving landscape of tax regulations impacting private equity.
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First Jobs Shaped Their Careers
- Donald's first job was collecting carts at Target, which motivated him to excel in college and career.
- Howard delivered pizzas until a snowstorm incident ended that job and steered him toward a professional career.
Plan For 30% Interest Deduction Limit
- Model interest deduction limits as 30% of tax EBITDA when planning leveraged deals.
- Monitor interest carryforwards and partnership complexities under Section 163J for pass-throughs.
Use 100% Bonus Depreciation—But Check Rules
- Use the permanent 100% bonus depreciation for qualifying non-building assets to accelerate deductions.
- Check binding contract dates and manufacturing-use tests before accelerating purchases or construction.