|
When the U.S. House of Representatives passed its so-called budget reconciliation bill, which is entitled the “One Big, Beautiful Bill,” on May 21, the legislation included key IFA-supported tax priorities for franchise businesses like yours, including:
- 199A Deduction: Made permanent, raised from 20% to 23%, simplified phase-in – a top IFA priority
- Estate Tax: Exemption made permanent, increased to $15M/$30M, indexed – a top IFA priority
- Bonus Depreciation: 100% expensing restored for qualified property (2025–2029) – a top IFA priority
- Business Interest Deduction: Adjusted to use EBITDA instead of EBIT (2025–2029) – a top IFA priority
- No Tax on Tips: Deduction allowed (2025–2028)
- No Tax on Overtime: Above-the-line deduction (2025–2028)
- Standard Deduction: Permanently extended with temporary bonus (2025–2028)
What’s next? The legislation will now be considered by the U.S. Senate during the month of June.
Our thought bubble: In a new op-ed for the Cedar Rapids Gazette, IFA Board member Jerry Akers, who recently testified before a joint congressional hearing of the House and Senate Small Business committees, highlighted the importance of the IFA-supported provisions to the franchise community.
| 
