Tax Notes Talk The One Big Beautiful Bill Act: What Made the Final Cut?
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Jul 11, 2025 Cady Stanton and Katie Lobosco, both Capitol Hill reporters for Tax Notes, delve into the intricate journey of the One Big Beautiful Bill Act. They discuss pivotal provisions, highlighting the dramatic legislative maneuvers during the July recess and the significant role of the House Freedom Caucus. The chat gets spicy as they explore the repercussions of removing the controversial revenge tax. The duo also predicts the bill's fiscal impact, estimating a potential deficit rise of $3.4 to $4.5 trillion, and examines the polarized political responses.
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Key Bill Provisions Made Permanent
- The One Big Beautiful Bill Act made most of the TCJA provisions permanent six months before expiration.
- It also expanded child tax credits and increased the estate tax exclusion among various other changes.
Clean Energy Tax Credit Changes
- Clean energy tax credits were extensively negotiated, with some phased out and some extended.
- Wind and solar credits end after 2027 except for projects starting construction within 12 months of enactment.
Temporary SALT Deduction Cap Increase
- The bill raised the SALT deduction cap to $40,000 temporarily until 2030, then reverting to $10,000.
- This compromise reflected strong demand from House Republican Salt Caucus members.