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The final budget reconciliation bill: key tax provisions and business implications

Insights from the EY Center for Tax Policy

 

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The final budget reconciliation bill, signed into law July 4, includes tax provisions impacting businesses and individuals alike, offering new opportunities and challenges across various industries and sectors. Among other changes, the law permanently extends the Tax Cuts and Jobs Act (TCJA) “pre-cliff” business provisions and makes most of the remaining expiring TCJA provisions permanent, modifies several international tax laws (but does not include the Section 899 provision addressing certain foreign taxes), temporarily sets the state and local tax deduction cap at $40,000 and repeals and accelerates the sunsetting of many Inflation Reduction Act credits.

Join us for a discussion of what made it into the final legislation and what actions businesses should consider going forward.

Moderator
Colleen O’Neill, EY US National Tax Department Leader

EY webcast managed and produced by Ernst & Young LLP’s Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax

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