Course Information

The “One Big Beautiful Bill Act,” often called the Big Beautiful Bill (BBB), is a sweeping budget reconciliation. Designed to make permanent the 2017 Trump tax cuts, the bill aims to deliver substantial tax relief to American families, workers, farmers, and small businesses. Key provisions include locking in and expanding the child tax credit, eliminating taxes on tips, overtime, and car loan interest, and providing enhanced deductions for seniors. The legislation also expands the §199A small business deduction, renews 100% immediate expensing for factories and equipment, and increases the death tax exemption for family farms. Supporters claim the bill will boost take-home pay for families, raise wages for workers, and create or save millions of jobs over the next four years, fueling significant economic growth and investment, particularly in rural and Main Street America.

1. Apply selective changes imposed by the Big Beautiful Bill (H.R. 1) relating to individual income taxes by identifying:
   • modifications to tax rates & personal exemptions
   • deduction of car loan interest,
   • changes to the child tax credits,
   • new educational incentives & student loan discharge rules,
   • mortgage interest & suspended deduction provisions,
   • remittance transfer changes; and
   • charitable deduction changes.
2. Point out the new income exclusion (tips and overtime).
3. Recognize BBB changes to energy credits.
4. Identify increased BBB exclusion amounts for estate, gift, and generation skipping transfer taxes.
5. Specify BBB changes to expensing, the limitation on non-corporate losses, reporting requirements, and research and experimentation.
6. List excise taxes imposed by the BBB on exempt organizations and recognize the de minimis entry privilege termination on foreign transactions.