Notable CFG Wins in the One Big Beautiful Bill Act

Will Mitola  |   May 27, 2025
  1. Full Extension and Expansion of the lapsing 2017 Tax Cuts and Jobs Act law
  2. Stopped top rate hike multiple times
  3. Stopped a consolidation of the 2nd bracket for federal income taxes from being combined with the top rate, which would have increased the rate from 35% to 37% or higher.
  4. Stopped tax hikes on carried interest
  5. Stopped tax hikes on stock buybacks
  6. Stopped new taxes on digital assets
  7. Growth
    1. 100% expensing for new structures used for manufacturing, agriculture and resource extraction
    2. Restored full expensing for short term capital investments (machinery and equipment – “bonus depreciation”), R&D, more generous interest limitation (EBITDA), increased ceilings for Section 179 expensing
  8. School Choice
    1. New Tax Credit for donations to SGO’s
  9. Increased Death tax exemption – up to $15 million/$30 million
  10. Increased Qualified Business Income for Small Business – 20% to 23%
  11. Sped up repeal/phase out of Green New Scam Tax Credits
    1. Immediate and permanent repeal of tax credits for electric vehicles (EVs) credits:  previously-owned clean vehicle credit, clean vehicle credit, qualified commercial clean vehicles credit, and fuel vehicle refueling property credit
    2. Immediate and permanent elimination of energy efficient home improvement credit,, residential clean energy credit, new energy efficient home credit, Clean Hydrogen Production Credit
    3. Phase outs of Clean Energy Production Tax Credit (PTC – fully repealed after 2028) Clean Energy Investment Tax Credit (ITC – fully repealed after 2028), and Advanced Manufacturing Production Credit
  12. Ended the artificial GILTI tax penalty on U.S. investments in the Virgin Islands (Sec. 111111)
  13. Advocated for work requirements in Medicaid, and move up the enforcement date in the original draft bill from 2029 to Dec. 31, 2026
  14. Regulatory Reform – advocated in support of including the REINS Act or similar regulatory reform legislation to conform with reconciliation & Byrd Rule requirements