Lower tax rates and higher standard deduction are made permanent, locking in the 2017 tax cuts.
Child tax credit increases to $2,200, new deductions are created for seniors, tips, and overtime, and the SALT deduction cap rises to $40,000 before reverting later.
Businesses get 100% bonus depreciation back, higher Section 179 expensing limits, and immediate expensing for domestic R&D.
FDII and GILTI deductions are reduced, Form 1099 thresholds increase, and several clean energy tax credits are eliminated.
Key Tax Provisions in the House’s One Big Beautiful Bill Act