Studies show that when bonus depreciation is available, businesses respond by investing in more equipment and increasing employment, as they need more workers to operate the new equipment.
The recently proposed UK budget contains several tax measures that put a greater burden on the working class and ultimately fails to tackle the deeper structural problems of the UK’s tax code.
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Delaware Governor Matt Meyer’s proposal to decouple from the full expensing provision of the OBBBA would make the state’s tax code less friendly toward investment and undermine long-term growth.
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Some state lawmakers are considering decoupling from the pro-growth expensing provisions of the OBBBA due to revenue concerns, but it is valuable to recognize just how much the corporate tax base has expanded over the past decade.
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In the spirit of change and improvement, it’s worth looking back to see which states have truly embraced tax competitiveness since 2020, and which ones have lagged behind.
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Short FormThe recently enacted One Big Beautiful Bill Act (OBBBA) is certainly big, but is it “beautiful”? Many provisions in the OBBBA will have noticeable impacts on individual taxpayers, including some that are beneficial to your wallet.
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While the Council of DC is right to consider decoupling its tax code from several revenue-reducing provisions in the OBBBA, they should maintain conformity with the business expensing reforms that are strongly pro-growth, better align with sound tax principles, and primarily change the timing of revenues.
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Expensing for manufacturing structures is a significant step forward for the tax treatment of structures, but it could be improved in several ways.
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Canada has the power to shape its own competitiveness by making itself an attractive destination for investment this 2025 budget season.
Instead of getting stuck in a reactionary posture, European countries should simply aim for competitiveness, and the EU can support that work with stronger, more stable trade relationships.
The industry breakdown of the OBBBA corporate tax cuts shows firms in industries involved with tangible production, such as manufacturing, are the biggest winners, as measured by changes in tax liability.
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If Canada doesn’t make full expensing provisions permanent, it will drop to 13th place in the capital cost recovery ranking, once provisions expire in 2028.
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Congress may have passed the One Big Beautiful Bill Act (OBBBA), but state lawmakers now face big choices. Most states link their tax codes to the federal system, meaning OBBBA’s provisions—good and bad—are about to ripple across state budgets.
While the One Big Beautiful Bill Act tries to buoy manufacturing, President Trump’s tariffs are an anvil dragging the sector down.
For Congress, work on the One Big Beautiful Bill Act is done. But in state capitols, the work has not yet begun. Many of the tax changes in the federal reconciliation act flow through to state tax codes—automatically in some states, and subject to an update in states’ Internal Revenue Code conformity date in others.
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Although sometimes overlooked in discussions about corporate taxation, capital allowances play an important role in a country’s corporate tax base and can impact investment decisions—with far-reaching economic consequences.
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Our experts explain how this major tax legislation may affect you and how policymakers can better improve the tax code.
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However states choose to respond to other tax provisions of the One Big Beautiful Bill Act, they should conform to the pro-growth provisions, which represent a marked improvement in the corporate tax code.
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The administration has a strong desire to boost manufacturing investment and there are many provisions in the new tax bill that support this aim. But the administration’s erratic trade policy is driving up the costs of key inputs that manufacturers rely on to build things in the US.
Oklahoma can continue to enhance its competitiveness by pursuing a variety of reforms to the corporate and individual income tax, but it should avoid policies that would negatively impact the economy, like enacting a wholesale elimination of the property tax.
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The One Big Beautiful Bill Act makes many of the individual tax cuts and reforms of the TCJA permanent. It improves upon the TCJA by making expensing for R&D and equipment permanent. However, for the most part, it does not include further structural reforms, and instead introduces many new, narrow tax breaks to the code, adding complexity and raising revenue costs.
7 min read