Tax News and Developments July 2025 In brief The recently enacted reconciliation bill (the One Big Beautiful Bill Act or OBBBA) creates several new provisions that, depending on the right facts, can make domestic business more attractive. The OBBBA includes provisions that provide relief from US tax liability in the form…
The One Big Beautiful Bill Act makes three major changes to the interest deduction limitation provision of §163(j). Pub. L. No. 119-21, §70303, §70341 (July 4, 2025), applicable to taxable years beginning after December 31, 2024. This article reviews the three changes and then focuses on the new rule for capitalized interest.