The One Big Beautiful Bill Act has been enacted to drive economic growth by making key business provisions permanent. This legislation aims to provide businesses with the certainty needed to invest, hire, and grow.
“Permanent tax policy provides businesses with the certainty they need to invest, save and plan for the future, which will power economic growth and ignite the U.S. economy,” stated Finance Committee Chairman Mike Crapo (R-Idaho).
Key aspects of the bill include full expensing for domestic research and development to encourage innovation within the country, full expensing for new capital investments such as machinery and equipment to enhance domestic production, and restoring interest deductibility to a globally competitive standard.
The U.S. Chamber of Commerce expressed gratitude towards Leader Thune, Chairman Crapo, and others who are working on making pro-growth reforms from the 2017 Tax Cuts and Jobs Act permanent. These reforms include deductions for domestic R&D expenditures, 100% bonus depreciation for certain business investments, and an expanded business interest limitation.
Business Roundtable remarked that this bill sends “a swift, decisive signal that America will remain a premier destination for businesses to invest, hire and grow.”
Jonathan Samford, President and CEO of Global Business Alliance, praised Chairman Mike Crapo along with Leader John Thune and their Senate colleagues for advancing international tax policies aimed at maintaining the U.S. as a top destination for global investment. According to Samford, these provisions will help sustain American jobs while driving innovation in a stable tax environment that attracts cross-border capital.
