Tax Reform

On July 4, 2025, President Trump signed into law a budget reconciliation bill—H.R. 1, or the "One Big Beautiful Bill Act" (OBBB)—enacting major changes to the domestic and international tax landscape.

Included in the legislation are several ABA-supported tax provisions related to banks, including: a modified version of the ABA-advocated ACRE Act; a permanent extension of the Section 199A pass-through deduction; positive changes to the low-income housing tax credit regime; a permanent extension of the New Markets Tax Credit program; a permanent extension of increased estate tax and gift tax exemption amounts; and permanent extensions of 100% bonus depreciation for most property, immediate expensing for domestic R&E expenditures, and a reinstatement of the EBITDA standard for interest expense calculations under Section 163(j).

Additional information on the OBBB can be found under the ABA Resources tab below. For additional information on ACRE, see ABA's ACRE Toolkit.