Tax,
Government
Jul. 3, 2025
What's in the 'Big Beautiful Bill': Bonus depreciation, small biz breaks, SALT cap hike, private school perks
The Senate narrowly passed the sweeping "One Big Beautiful Tax Bill," which includes major changes to small business stock rules, SALT deductions, school choice tax credits, and bonus depreciation -- policies with significant implications for California taxpayers.
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.
Senate Republicans have unveiled the latest version of the sweeping "One Big Beautiful Tax Bill," (the "Bill"), which includes several changes that could profoundly impact tax programs popular in California. The multi-trillion-dollar legislative package was narrowly passed in the Senate on July 1, and is now headed to the House, which is poised to approve it by July 4 to meet President Trump's deadline. The following is an overview of provisions in the current version of the ...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In