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  • Sec. 70302. Full expensing of domestic research and experimental expenditures

    Home/All Topics/OBBBA Text(a) In general.—Part VI of subchapter B of chapter 1 is amended by inserting after section 174 the following new section: “SEC. 174A. Domestic research or experimental expenditures. “(a) Treatment as expenses.—Notwithstanding section 263, there shall be allowed as a deduction any domestic research or experimental expenditures which are paid or incurred by…

  • Sec. 70301. Full expensing for certain business property

    Home/All Topics/OBBBA TextSEC. 70301. Full expensing for certain business property. (a) Made permanent.— (1) IN GENERAL.—Section 168(k)(2)(A) is amended by adding “and” at the end of clause (i), by striking “, and” at the end of clause (ii) and inserting a period, and by striking clause (iii). (2) PROPERTY WITH LONGER PRODUCTION PERIODS.—Section 168(k)(2)(B) is…

  • Sec. 70204. Trump accounts and contribution pilot program

    Home/All Topics/OBBBA Text(a) Trump accounts.— (1) IN GENERAL.—Subchapter F of chapter 1 is amended by adding at the end the following new part: “PART IX—Trump accounts “Sec. 530A. Trump accounts. “SEC. 530A. Trump accounts. “(a) General rule.—Except as provided in this section or under regulations or guidance established by the Secretary, a Trump account shall…

  • Sec. 70203. No tax on car loan interest

    Home/All Topics/OBBBA Text(a) In general.—Section 163(h) is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph: “(4) SPECIAL RULES FOR TAXABLE YEARS 2025 THROUGH 2028 RELATING TO QUALIFIED PASSENGER VEHICLE LOAN INTEREST.— “(A) IN GENERAL.—In the case of taxable years beginning after December 31, 2024, and…

  • Sec. 70202. No tax on overtime

    Home/All Topics/OBBBA Text(a) Deduction allowed.—Part VII of subchapter B of chapter 1, as amended by the preceding provisions of this Act, is amended by redesignating section 225 as section 226 and by inserting after section 224 the following new section: “SEC. 225. Qualified overtime compensation. “(a) In general.—There shall be allowed as a deduction an…

  • Sec. 70201. No tax on tips

    Home/All Topics/OBBBA Text(a) Deduction allowed.—Part VII of subchapter B of chapter 1 is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section: “SEC. 224. Qualified tips. “(a) In general.—There shall be allowed as a deduction an amount equal to the qualified tips received during the taxable…

  • CHAPTER 1—PROVIDING PERMANENT TAX RELIEF FOR MIDDLE-CLASS FAMILIES AND WORKERS

    Home/All Topics/OBBBA TextSEC. 70101. Extension and enhancement of reduced rates. (a) In general.—Section 1(j) is amended— (1) in paragraph (1), by striking “, and before January 1, 2026”, and (2) by striking “2018 through 2025” in the heading and inserting “beginning after 2017”. (b) Inflation adjustment.—Section 1(j)(3)(B)(i) is amended by inserting “solely for purposes of…

  • Sec. 70120. Limitation on individual deductions for certain state and local taxes, etc

    Home/All Topics/OBBBA Text(a) In general.—Section 164(b)(6) is amended— (1) by striking “and before January 1, 2026”, and (2) by striking “$10,000 ($5,000 in the case of a married individual filing a separate return)” and inserting “the applicable limitation amount (half the applicable limitation amount in the case of a married individual filing a separate return)”.…

  • Sec. 70119. Extension and modification of exclusion from gross income of student loans discharged on account of death or disability

    Home/All Topics/OBBBA Text(a) In general.—Section 108(f)(5) is amended to read as follows: “(5) DISCHARGES ON ACCOUNT OF DEATH OR DISABILITY.— “(A) IN GENERAL.—In the case of an individual, gross income does not include any amount which (but for this subsection) would be includible in gross income for such taxable year by reason of the discharge…

  • Sec. 70118. Extension of treatment of certain individuals performing services in the Sinai Peninsula and enhancement to include additional areas

    Home/All Topics/OBBBA Text(a) Treatment made permanent.—Section 11026(a) of Public Law 115–97 is amended by striking “, with respect to the applicable period”. (b) Kenya, Mali, Burkina Faso, and Chad included as hazardous duty areas.—Section 11026(b) of Public Law 115–97 is amended to read as follows: “(b) Qualified hazardous duty area.—For purposes of this section, the…

  • Sec. 70117. Extension of rollovers from qualified tuition programs to ABLE accounts permitted

    Home/All Topics/OBBBA Text(a) In general.—Section 529(c)(3)(C)(i)(III) is amended by striking “before January 1, 2026,”. (b) Effective date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2025. ← Sec. 70116. Extension and enhancement of savers credit allowed for ABLE contributionsOBBBA TextAll TopicsBack to top ↑Sec. 70118. Extension of treatment of…

  • Sec. 70116. Extension and enhancement of savers credit allowed for ABLE contributions

    Home/All Topics/OBBBA Text(a) Extension.— (1) IN GENERAL.—Section 25B(d)(1) is amended to read as follows: “(1) IN GENERAL.—The term ‘qualified retirement savings contributions’ means, with respect to any taxable year, the sum of— “(A) the amount of contributions made by the eligible individual during such taxable year to the ABLE account (within the meaning of section…