One Big Beautiful Bill Act Full Breakdown

In this special Tax Tuesday episode, Anderson attorneys Amanda Wynalda, Esq., and Eliot Thomas, Esq., break down the major provisions of the "One Big Beautiful Bill" - nearly 1,000 pages of new tax legislation. They cover significant changes to child tax credits (increased to $2,200), expanded 529 plan qualifications now covering trade schools and licensing exams, and modifications to personal casualty loss deductions. The attorneys explain the updated salt (state and local tax) limitations increasing from $10,000 to $40,000, new charitable deduction rules for both itemizers and non-itemizers, and the elimination of clean energy tax credits after 2025. They also discuss the extension of lifetime estate and gift tax exemptions to $15 million, the return of 100% bonus depreciation for real estate investors, revamped opportunity zone investments starting in 2027, and enhanced qualified small business stock (1202) exclusions with reduced holding periods and increased limits. Tune in for expert analysis on these game-changing tax strategies!

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Highlights/Topics:

• Child Tax Credit Changes - Increased to $2,200 with $1,700 refundable portion for qualifying children.
• 529 Plan Expansion - Now covers trade schools, licensing exams, and K-12 up to $20,000.
• SALT Deduction Limits - Increased from $10,000 to $40,000 for state and local taxes.
• Charitable Deduction Rules - Non-itemizers get $1,000 single/$2,000 married; itemizers face 0.5% floor starting 2026.
• Clean Energy Tax Credits - Electric vehicle and solar credits eliminated after September 30, 2025.
• 100% Bonus Depreciation - Applies to property with 20-year or less lifespan; requires cost segregation study.
• Opportunity Zone Investments - 10% stepped-up basis after 5 years; tax-free appreciation after 10 years.
• 1202 Stock Exclusions - Reduced holding periods: 50% at 3 years, 75% at 4 years, 100% at 5 years.

Resources:

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