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  • Sec. 70428. Nonprofit community development activities in remote native villages

    Home/All Topics/OBBBA Text(a) In general.—For purposes of subchapter F of chapter 1 of the Internal Revenue Code of 1986, any activity substantially related to participation or investment in fisheries in the Bering Sea and Aleutian Islands statistical and reporting areas (as described in Figure 1 of section 679 of title 50, Code of Federal Regulations)…

  • Sec. 70427. Permanent increase in limitation on cover over of tax on distilled spirits

    Home/All Topics/OBBBA Text(a) In general.—Paragraph (1) of section 7652(f) is amended to read as follows: “(1) $13.25, or”. (b) Effective date.—The amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2025. ← Sec. 70426. 1-percent floor on deduction of charitable contributions made by corporationsOBBBA TextAll TopicsBack…

  • Sec. 70426. 1-percent floor on deduction of charitable contributions made by corporations

    Home/All Topics/OBBBA Text(a) In general.—Section 170(b)(2)(A) is amended to read as follows: “(A) IN GENERAL.—Any charitable contribution otherwise allowable (without regard to this subparagraph) as a deduction under this section for any taxable year, other than any contribution to which subparagraph (B) or (C) applies, shall be allowed only to the extent that the aggregate…

  • Sec. 70425. 0.5 percent floor on deduction of contributions made by individuals

    Home/All Topics/OBBBA Text(a) In general.— (1) IN GENERAL.—Paragraph (1) of section 170(b) is amended by adding at the end the following new subparagraph: “(I) 0.5-PERCENT FLOOR.—Any charitable contribution otherwise allowable (without regard to this subparagraph) as a deduction under this section shall be allowed only to the extent that the aggregate of such contributions exceeds…

  • Sec. 70424. Permanent and expanded reinstatement of partial deduction for charitable contributions of individuals who do not elect to itemize

    Home/All Topics/OBBBA Text(a) In general.—Section 170(p) is amended— (1) by striking “$300 ($600” and inserting “$1,000 ($2,000”, and (2) by striking “beginning in 2021”. (b) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025. ← Sec. 70423. Permanent extension of new markets tax creditOBBBA TextAll TopicsBack to…

  • Sec. 70423. Permanent extension of new markets tax credit

    Home/All Topics/OBBBA Text(a) In general.—Section 45D(f)(1)(H) is amended by striking “for for each of calendar years 2020 through 2025” and inserting “ for each calendar year after 2019”. (b) Carryover of unused limitation.—Section 45D(f)(3) is amended— (1) by striking “If the” and inserting the following: “(A) IN GENERAL.—If the”, and (2) by striking the second…

  • Sec. 70422. Permanent enhancement of low-income housing tax credit

    Home/All Topics/OBBBA Text(a) Permanent State housing credit ceiling increase for low-income housing credit.— (1) IN GENERAL.—Section 42(h)(3)(I) is amended— (A) by striking “2018, 2019, 2020, and 2021,” and inserting “beginning after December 31, 2025,”, (B) by striking “1.125” and inserting “1.12”, and (C) by striking “2018, 2019, 2020, and 2021” in the heading and inserting…

  • Sec. 70421. Permanent renewal and enhancement of opportunity zones

    Home/All Topics/OBBBA Text(a) Decennial designations.— (1) DETERMINATION PERIOD.—Section 1400Z-1(c)(2)(B) is amended by striking “beginning on the date of the enactment of the Tax Cuts and Jobs Act” and inserting “beginning on the decennial determination date”. (2) DECENNIAL DETERMINATION DATE.—Section 1400Z-1(c)(2) is amended by adding at the end the following new subparagraph: “(C) DECENNIAL DETERMINATION DATE.—The…

  • SUBCHAPTER B—PERMANENT INVESTMENTS IN STUDENTS AND REFORMS TO TAX-EXEMPT INSTITUTIONS

    Home/All Topics/OBBBA TextSEC. 70411. Tax credit for contributions of individuals to scholarship granting organizations. (a) Allowance of credit for contributions of individuals to scholarship granting organizations.— (1) IN GENERAL.—Subpart A of part IV of subchapter A of chapter 1 is amended by inserting after section 25E the following new section: “SEC. 25F. Qualified elementary and…

  • Sec. 70416. Expanding application of tax on excess compensation within tax-exempt organizations

    Home/All Topics/OBBBA Text(a) In general.—Section 4960(c)(2) is amended to read as follows: “(2) COVERED EMPLOYEE.—For purposes of this section, the term ‘covered employee’ means any employee of an applicable tax-exempt organization (or any predecessor of such an organization) and any former employee of such an organization (or predecessor) who was such an employee during any…

  • Sec. 70415. Modification of excise tax on investment income of certain private colleges and universities

    Home/All Topics/OBBBA Text(a) In general.—Section 4968 is amended to read as follows: “SEC. 4968. Excise tax based on investment income of private colleges and universities. “(a) Tax imposed.—There is hereby imposed on each applicable educational institution for the taxable year a tax equal to the applicable percentage of the net investment income of such institution…

  • Sec. 70414. Certain postsecondary credentialing expenses treated as qualified higher education expenses for purposes of 529 accounts

    Home/All Topics/OBBBA Text(a) In general.—Section 529(e)(3) is amended by adding at the end the following new subparagraph: “(C) CERTAIN POSTSECONDARY CREDENTIALING EXPENSES.—The term ‘qualified higher education expenses’ includes qualified postsecondary credentialing expenses (as defined in subsection (f)).”. (b) Qualified postsecondary credentialing expenses.—Section 529 is amended by redesignating subsection (f) as subsection (g) and by inserting…