On July 4, 2025, President Trump signed into law the One Big, Beautiful Bill (OBBB). Without this legislation, a large income tax increase would have occurred, since most of the provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) were expiring at the end of 2025. New credits and deductions were added, some with sunset clauses. Other tax provisions have been enhanced.
In the tables below we show the changes in the new law. Click on the provision to bring up an explanation of the changes. You can hover over the bold items in the tables to see a quick overview of the limitations and enhancements of some of the new provisions.
2025 INDIVIDUAL CHANGES
| PROVISION | BEGINS | EXPIRES | LIMITED | ENHANCED |
|---|---|---|---|---|
| TAX BRACKETS | 2025 | N | N | Y |
| STANDARD DEDUCTION | 2025 | N | N | Y |
| SENIOR DEDUCTION | 2025 | 2028 | Y | NEW |
| CHILD CREDIT | 2025 | N | Y | Y |
| “SALT” LIMIT | 2025 | 2029 | Y | Y |
| NO TAX ON TIPS | 2025 | 2028 | Y | NEW |
| NO TAX ON O/T | 2025 | 2028 | Y | NEW |
| NEW CAR INTEREST | 2025 | 2028 | Y | NEW |
| 529 PLAN DISTRIBUTION | 2025 | N | N | Y |
2026 INDIVIDUAL CHANGES
| PROVISION | BEGINS | EXPIRES | LIMITED | ENHANCED |
|---|---|---|---|---|
| CHARITABLE CONTRIBUTIONS | 2026 | N | N | REPEAT |
| MORTGAGE INSURANCE | 2026 | N | Y | REPEAT |
| CHILD CARE CREDIT | 2026 | N | Y | Y |
| 529 PLAN DISTRIBUTION | 2026 | N | N | Y |
This page is under construction, and additional information will be added.