Tax
Jun. 3, 2025
New tax reconciliation bill in the making
In response to the impending expiration of key Tax Cuts and Jobs Act provisions, the House has advanced a sweeping tax proposal that includes major changes to Opportunity Zones, pass-through deductions, SALT caps, R&D expensing, and estate tax exemptions--signaling a pivotal moment for tax planning ahead of 2026.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
To address the expiration of certain Tax Cuts and Jobs Act of 2017 (TCJA) provisions, the House Ways and Means Committee recently released the Chairman's Mark-Up of the Budget Reconciliation Act (the Proposal), which was modified prior to passage by the House.
Included in the Proposal are amendments regarding Qualified Opportunity Zone (QOZ) investments, which will be covered in a separate article and would:
• Extend the QOZ incent...
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