One Big Beautiful Bill Act (H.R.1): Summary of Selected Tax Provisions 2025-26

Overview

Get up to speed on the sweeping tax changes introduced by the One Big Beautiful Bill Act, aimed at making the 2017 Trump tax cuts permanent. This course highlights key provisions like expanded child tax credits, tax relief on tips and overtime, bigger deductions for seniors and small businesses, and renewed 100% expensing for factories and equipment.We’ll also explore the bill’scontroversial side?cuts to SNAP and Medicaid, reduced clean energy incentives, and increased non-military defense spending. You’ll gain a practical overview of the most impactful changes to selected individual, education, business, retirement, insurance, international, and estate tax provisions enacted or indexed for inflation ?helping tax professionals and preparers navigate the new landscape with confidence.

Highlights

• Child tax credits
• Elimination of taxes on tips, overtime, and car loan interest
• Enhanced deductions for seniors
• 199A small business deduction
• Renewal of 100% immediate expensing for factories and equipment
• Death tax exemption for family farms
• State and Local Tax (SALT) deductions
• Reductions in non
  • military government spending, including SNAP, Medicaid and clean
  • energy tax credits

Prerequisites

General understanding of federal income taxation.

Objectives

• Identify modifications to tax rates, personal exemptions, and changes to deductions, credits, and exclusions under H.R. 1 (OBBBA).
• Understand new income exclusions for tips and overtime, and changes to energy credits.
• Recognize increased exclusion amounts for estate, gift, and generation
  • skipping transfer taxes, and updates to expensing and reporting requirements.

Preparation

None