One Big Beautiful Bill Act
In July of this year, Trump signed into law the One Big Beautiful Bill Act (OBBBA) and created sweeping tax changes that will take effect in 2025 and beyond. Below are some of the main provisions listed in the bill:
Provisions for individuals
Standard deduction: Increasing to $15,750 for single filers, $23,625 for head of household filers, and $31,500 for married filing joint filers
Personal Exemptions: Permanently terminates deduction for personal exemptions.
State and local income tax deductions: Temporarily raises the cap of this deduction from $10,000 to $40,000 for those who itemize
Child tax credit: Increasing from $2,000 to $2,200 for qualifying families
Trump Savings Accounts: Receive a $1,000 credit if you open this account for a child born between 01/01/25 and 12/31/28
Estate and gift tax exemption amounts: Increases exemption to $15 million (indexed from 2026); makes higher exemption permanent.
Mortgage interest deduction: Makes $750,000 limit permanent and includes mortgage insurance premiums.
Business provisions
Form 1099 information reporting: Increases the information reporting threshold for certain payments to persons engaged in a trade or business and payments of remuneration for services to $2,000 in a calendar year (from $600), with the threshold amount to be indexed annually for inflation in calendar years after 2026.
Bonus depreciation: Permanently extends and modifies additional first year depreciation deduction. Allowance increased to 100% of property acquired and placed in service on or after Jan. 19, 2025.
Sec. 199A, Qualified Business Income deduction (QBI): Deduction remains at 20% and made permanent. Phase-out amounts are increased (expands the deduction limit phase-in range by increasing the $100,000 (MFJ) and $50,000 (single filers) amounts to $150,000 and $75,000, respectively), and a new minimum $400 deduction is added for taxpayers with at least $1,000 of QBI.
Source (Visit for a more exhaustive list): One, Big, Beautiful Bill provisions | Internal Revenue Service
