The Reconciliation Bill, which was signed into law on July 4, 2025, introduced many tax changes, among them is an increase to the State and Local Tax (SALT) deduction that is claimed on Schedule A of Form 1040.

The depreciation expense changes enacted through the 2025 Reconciliation Bill are intended to incentivize investment, accelerate cost recovery and increase cash flow by providing immediate tax relief for businesses investing in depreciable property. 

The new tax legislation, signed on July 4, 2025, introduces several changes to the deductions for charitable contributions. These changes will take effect after December 31, 2025. With the new standard deduction, it is more important than ever to review your charitable giving with your financial advisor.

Effective for Tax Years Beginning After December 31, 2024 (Unless Otherwise Noted)

To help clients and businesses navigate the sweeping changes introduced by the Reconciliation Bill, we’ve created a dedicated portal that outlines the key tax provisions.

Florida governor Ron DeSantis signed bills implementing the state’s $117.4 billion budget for fiscal year 2025-2026. Included in the budget was HB 7031 which permanently eliminates the sales tax on commercial leases beginning October 1, 2025. It is estimated that this will save Florida businesses approximately $900 million per year.

On July 1, 2025, the Senate narrowly passed its version of the “One Big Beautiful Bill,” with Vice President JD Vance casting the tie-breaking vote after an extended session. The bill now returns to the House for further review and possible amendments.

The proposed Republican tax bill often referred to as the “One Big Beautiful Bill” has advanced significantly, with the House passing the legislation in late May 2025. The bill is now awaiting Senate consideration and possible modification before it could become law.

Qualified Opportunity Funds (QOZ) can still be a beneficial investment in 2025. The advantages are more limited than in earlier years due to the expiration of some key tax incentives.