Last week, President Trump signed into law the One Big Beautiful Bill Act, which will avert the largest automatic tax increase in American history at the end of this year, when many of the historic reforms from the 2017 Tax Cuts and Jobs Act (TCJA) were set to expire.

In this article, the U.S. Chamber of Commerce takes a look at five reforms that are especially relevant to small businesses and explains their potential benefits:

• Extension and enhancement of deduction for qualified business income
• Full expensing of domestic research and experimental expenditures
• Increased dollar limitations for expensing of certain depreciable business assets
• Expansion of qualified small business stock gain exclusion
• Enhancement of employer- provided child care credit

Click here to read the full article from the U.S. Chamber.

The Mobile Chamber has been a vocal advocate for permanently extending the 2017 Tax Cuts and Jobs Act. The Mobile Chamber joined nearly 500 business organizations in signing a letter led by the U.S. Chamber that urged Congress to support these tax reforms.