“Big Beautiful Bill” Summary of Selected Tax Provisions

The “One Big Beautiful Bill Act,” often called the Big Beautiful Bill (BBB), is a sweeping budget reconciliation. Designed to make permanent the 2017 Trump tax cuts, the bill aims to deliver substantial tax relief to American families, workers, farmers, and small businesses. Key provisions include locking in and expanding the child tax credit, eliminating taxes on tips, overtime, and car loan interest, and providing enhanced deductions for seniors. The legislation also expands the §199A small business deduction, renews 100% immediate expensing for factories and equipment, and increases the death tax exemption for family farms. Supporters claim the bill will boost take-home pay for families, raise wages for workers, and create or save millions of jobs over the next four years, fueling significant economic growth and investment, particularly in rural and Main Street America.

However, the bill is not without controversy. It includes significant reductions in non-military government spending, notably imposing stricter eligibility requirements and cuts to programs like SNAP and Medicaid. The BBB  also scales back clean-energy tax credits and extends the cap on state and local tax (SALT) deductions, while allocating an additional billions for defense spending. Critics have raised concerns about the bill’s projected addition to the national debt.

This course is an overview providing reference to selected individual, education, business, retirement, insurance, international, and estate tax provisions enacted or indexed for inflation by the BBB. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by TCJA.