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The federal government enacted the One Big Beautiful Bill Act (the “Act”) on July 4, 2025. The Act extends and makes permanent certain tax provisions introduced in the Tax Cuts and Jobs Act (the “TCJA”) that were scheduled to expire and introduces several new provisions. This alert summarizes the key business, international, and employment tax provisions included in the Act.

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Qualified Small Business Stock (“QSBS”) (Section 1202<a href="#_ftn1">[1]</a>):

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Depreciable Business Assets (Section 179):

Business Interest Deduction (Section 163(j)):

Qualified Business Income Deduction (Section 199A):

Domestic Research or Experimental Expenditures Deduction (New Section 174A):

Opportunity Zones (Sections 1400Z-1 and 1400Z-2):

International Tax Provisions

Global Intangible Low-Taxed Income (“GILTI”) and Foreign-Derived Intangibles Income (“FDII”):

Base Erosion and Anti-Abuse Tax (“BEAT”):

Controlled Foreign Corporation (“CFC”) Provisions:

Foreign Tax Credit (“FTC”) Modifications:

Non-enactment of the Retaliatory Tax Provisions (Proposed Section 899):

Employment Tax Provisions

Employee Retention Credit (Section 3134):

Paid Family and Medical Leave Credit (Section 45S):

Employer-Provided Child Care Credit (Section 45F):

Dependent Care Assistance Program (Section 129):

Disallowed Deduction for Excessive Employee Remuneration from Controlled Group Members (Section 162(m)):

Tax on Excess Compensation within Tax-Exempt Organizations (Section 4960):

For more information on the new employment tax provisions, read our previous <a href="/news-and-events/what-the-new-tax-treatment-of-overtime-pay-and-tips-means-to-employers/" id="25895">alert</a>.

For more information or assistance, please contact <a href="/people/jacob-m-brownstein/" id="19003">Jacob M. Brownstein</a>, <a href="/people/david-a-gilbert/" id="18713">David A. Gilbert</a>, <a href="/people/joseph-t-gulant/" id="19092">Joseph T. Gulant</a>, <a href="/people/cory-g-jacobs/" id="19153">Cory G. Jacobs</a>, <a href="/people/michael-j-moyer/" id="18744">Michael J. Moyer</a>, <a href="/people/jeffrey-m-rosenfeld/" id="19361">Jeffrey M. Rosenfeld</a>, <a href="/people/stephen-m-pennartz/" id="18720">Stephen M. Pennartz</a>, or another member of Blank Rome’s <a href="/services-and-industries/tax/" id="18502">Tax, Benefits, and Private Client </a>group.

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<a href="#_ftnref1">[1]</a> All Section references are to the Internal Revenue Code of 1986, as amended.

One Big Beautiful Bill Act: Key Business, International, and Employment Tax Provisions

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One Big Beautiful Bill Act: Key Business, International, and Employment Tax Provisions

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