NEWSLETTERS

One Big Beautiful Bill – Summary of Changes and Planning Considerations

July 16, 2025

On July 4, 2025, congress passed the One Big Beautiful Bill (H.R.1). Some of the key tax highlights include:

• A permanent increase to the Child Tax Credit to $2,200 per child, with annual inflation adjustments
• 100% bonus depreciation is back for qualified property that is both acquired and placed in service after January 19, 2025
• The standard deduction increases to $31,500 (married filing jointly) and $15,750 (single)
• A new tip and overtime deduction of up to $25,000 for employees with qualifying income
• Expanded estate & gift tax exemption to $15 million per person starting in 2026
• Significant changes to clean energy credits, international tax rules, and charitable deductions

For more details on the final provisions, which could affect your planning and filing strategies, read our full summary article here.

If you have any questions or concerns, please do not hesitate to reach out to your engagement team.

Gatto, Pope & Walwick, LLP
Certified Public Accountants