What You Need To Know About The Budget Reconciliation Bill
Posted On
May 22, 2025
At this writing, the budget reconciliation bill continues to advance through various committees on its way to the floor of the U.S. House of Representatives. The bill extends provisions of the Tax Cuts and Jobs Act of 2017. As it stands, the bill will allow 100% bonus depreciation through January 1, 2030, and the estate and gift tax exemption amount and the generation-skipping transfer tax exemption would be permanently increased to $15 million.
These provisions are important to businesses in our industry. Bonus depreciation encourages more investment, and estate tax exemptions make it easier to transfer the ownership of family-run businesses to the next generation.
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