BEYOND SUNSET

PLANNING FOR A
NEW TAX LANDSCAPE

What tax savings opportunities does the new tax law create for 2025 and beyond?

The One Big Beautiful Bill Act (OBBBA) contains significant tax changes for individuals, businesses and charitable organizations. While, at its core, the tax provisions of the legislation are an extension of key provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that were scheduled to sunset at the end of 2025, the OBBBA also created a number of new incentives for individual and business taxpayers to consider.

 

In this updated report from The Northern Trust Institute, we provide analysis of the key tax provisions of the OBBBA and actionable planning opportunities — including steps to consider taking before the end of 2025 to maximize your tax savings. Provisions addressed include:

  • Increased standard deduction and other changes to itemized deductions, including a new floor for charitable contribution deductions for individuals
  • Permanent increase to the Estate, Gift and GST tax exemption 
  • Indefinite extension of individual income tax rates and Alternative Minimum Tax (AMT) exemptions
  • Elimination of Clean Energy Tax Credits for Individuals
  • Enhancements to Qualified Small Business Stock (QSBS) treatment
  • Investment and hiring incentives for businesses 
 

DOWNLOAD THE REPORT

For actionable advice on the timing of charitable gifts, trust structures, and optimizing planning for transactions, download the report today.

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This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel. All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice.