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Business Tax Expenditures, Credits, and Deductions

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The "Big Beautiful Bill" changes pass-through business taxes, including the 199a deduction (QBI deduction) and the SALT deduction cap.

SALT Cap Workarounds for Some Pass-Through Entities Are Threatened by One, Big, Beautiful Bill

For owners of pass-through businesses, the reconciliation package (1) raises the state and local tax (SALT) deduction cap, (2) denies the benefit of pass-through entity-level taxes that had previously worked around the SALT cap for such pass-through businesses, and (3) increases the Section 199A deduction for qualifying pass-through entities.

4 min read
State Implications of the One Big Beautiful Bill No Tax on Car Loan Interest SNAP Cost Sharing No Tax on Tips and Overtime Medicaid Reductions for States Covering Undocumented Immigrants

State Implications of the One, Big, Beautiful Bill

As the US House hashes out its “One, Big, Beautiful Bill,” statehouse lawmakers are watching closely, given the impact of both its tax and spending provisions on state budgets.

12 min read
The One Big Beautiful Bill Explained

The One Big Beautiful Bill, Explained

We break down the House GOP’s One, Big, Beautiful Bill—a sweeping tax package designed to extend key parts of the 2017 Tax Cuts and Jobs Act before they expire in 2026.

One Big Beautiful Bill Pros Cons

The Good, the Bad, and the Ugly in the One, Big, Beautiful Bill

Republicans have advanced legislation to extend many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) alongside dozens of new provisions. Any comprehensive tax legislation is going to have its wrinkles, and the “One, Big, Beautiful Bill” is no different.

7 min read
Improving Tax Treatment of R&D Would Boost Productivity and Growth US Research and Development Tax Treatment Trump Tax Cuts and TCJA Extension and Reform

Improving Tax Treatment of R&D Would Boost Productivity and Growth

As Congress debates expensing and other policies impacting business investment, lawmakers should consider the importance of business investment in research and development (R&D) as a driver for economic growth. Recent studies suggest that the economic benefits of R&D spending are even greater than previously understood.

7 min read
States Lose When Credit Unions Acquire Banks

States Lose When Credit Unions Acquire Banks

A tax preference originally designed to level the playing field now has the opposite effect, creating preferences for one class of financial institutions even though the distinctions between credit unions and banks are increasingly blurred.

6 min read
2025 state nonresident income tax filing laws and thresholds by state

Nonresident Income Tax Filing Laws by State, 2025

One area of the tax code in which extreme complexity and low compliance go hand-in-hand—and where reform is desperately needed—is in states’ nonresident individual income tax filing and withholding laws.

7 min read
Taxing Life Insurance Tax

Taxing Life Insurance

As Congress attempts to prevent the expiration of major Tax Cuts and Jobs Act provisions, it needs to find ways to pay for them. Ideally, it should use the least economically harmful means possible.

3 min read