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  • SUBCHAPTER D—PERMANENT INVESTMENTS IN SMALL BUSINESS AND RURAL AMERICA

    Home/All Topics/OBBBA TextSEC. 70431. Expansion of qualified small business stock gain exclusion. (a) Phased increase in exclusion for gain from qualified small business stock.— (1) IN GENERAL.—Section 1202(a)(1) is amended to read as follows: “(1) IN GENERAL.— In the case of a taxpayer other than a corporation, gross income shall not include— “(A) except as…

  • Sec. 70439. Restoration of taxable REIT subsidiary asset test

    Home/All Topics/OBBBA Text(a) In general.—Section 856(c)(4)(B)(ii) is amended by striking “20 percent” and inserting “25 percent”. (b) Effective date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2025. ← Sec. 70438. Extension of rules for treatment of certain disaster-related personal casualty lossesOBBBA TextAll TopicsBack to top ↑SUBCHAPTER D—PERMANENT INVESTMENTS…

  • Sec. 70438. Extension of rules for treatment of certain disaster-related personal casualty losses

    Home/All Topics/OBBBA TextFor purposes of applying section 304(b) of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (division EE of Public Law 116–260), section 301 of such Act shall be applied by substituting the date of the enactment of this section for “the date of the enactment of this Act” each place it…

  • Sec. 70437. Treatment of capital gains from the sale of certain farmland property

    Home/All Topics/OBBBA Text(a) In general.—Part IV of subchapter O of chapter 1 is amended by redesignating section 1062 as section 1063 and by inserting after section 1061 the following new section: “SEC. 1062. Gain from the sale or exchange of qualified farmland property to qualified farmers. “(a) Election to pay tax in installments.—In the case…

  • Sec. 70436. Reduction of transfer and manufacturing taxes for certain devices

    Home/All Topics/OBBBA Text(a) Transfer tax.—Section 5811(a) is amended to read as follows: “(a) Rate.—There shall be levied, collected, and paid on firearms transferred a tax at the rate of— “(1) $200 for each firearm transferred in the case of a machinegun or a destructive device, and “(2) $0 for any firearm transferred which is not…

  • Sec. 70435. Exclusion of interest on loans secured by rural or agricultural real property

    Home/All Topics/OBBBA Text(a) In general.—Part III of subchapter B of chapter 1, as amended by the preceding provisions of this Act, is amended by inserting after section 139K the following new section: “SEC. 139L. Interest on loans secured by rural or agricultural real property. “(a) In general.—Gross income shall not include 25 percent of the…

  • Sec. 70434. Treatment of certain qualified sound recording productions

    Home/All Topics/OBBBA Text(a) Election to treat costs as expenses.—Section 181(a)(1) is amended by striking “qualified film or television production, and any qualified live theatrical production,” and inserting “qualified film or television production, any qualified live theatrical production, and any qualified sound recording production”. (b) Dollar limitation.—Section 181(a)(2) is amended by adding at the end the…

  • Sec. 70433. Increase in threshold for requiring information reporting with respect to certain payees

    Home/All Topics/OBBBA Text(a) In general.—Section 6041(a) is amended by striking “$600” and inserting “$2,000”. (b) Inflation adjustment.—Section 6041 is amended by adding at the end the following new subsection: “(h) Inflation adjustment.—In the case of any calendar year after 2026, the dollar amount in subsection (a) shall be increased by an amount equal to— “(1)…

  • Sec. 70432. Repeal of revision to de minimis rules for third party network transactions

    Home/All Topics/OBBBA Text(a) Reinstatement of exception for de minimis payments as in effect prior to enactment of American Rescue Plan Act of 2021.— (1) IN GENERAL.—Section 6050W(e) is amended to read as follows: “(e) Exception for de minimis payments by third party settlement organizations.—A third party settlement organization shall be required to report any information…

  • Sec. 70431. Expansion of qualified small business stock gain exclusion

    Home/All Topics/OBBBA Text(a) Phased increase in exclusion for gain from qualified small business stock.— (1) IN GENERAL.—Section 1202(a)(1) is amended to read as follows: “(1) IN GENERAL.— In the case of a taxpayer other than a corporation, gross income shall not include— “(A) except as provided in paragraphs (3) and (4), 50 percent of any…

  • Sec. 70430. Exception to percentage of completion method of accounting for certain residential construction contracts

    Home/All Topics/OBBBA Text(a) In general.—Section 460(e) is amended— (1) in paragraph (1)— (A) by striking “home construction contract” both places it appears and inserting “residential construction contract”, and (B) by inserting “(determined by substituting ‘3-year’ for ‘2-year’ in subparagraph (B)(i) for any residential construction contract which is not a home construction contract)” after “the requirements…

  • Sec. 70429. Adjustment of charitable deduction for certain expenses incurred in support of Native Alaskan subsistence whaling

    Home/All Topics/OBBBA Text(a) In general.—Section 170(n)(1) of the Internal Revenue Code of 1986 is amended by striking “$10,000” and inserting “$50,000”. (b) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025. ← Sec. 70428. Nonprofit community development activities in remote native villagesOBBBA TextAll TopicsBack to top ↑Sec.…