We took some liberties with the title, but not a lot, so we’re going to remedy that deficiency.

First, the corporate tax rates stay the same permanently, at 21% of net corporate income. No increases at the end of CY 2025.

Second, there is 100% expensing of plant and equipment where prior you had to depreciate plant and equipment. The cap on first year deductions is increased from $1.5 million to 2.5 million, so there are limits to expensing, but an improvement. This is worth a lot, but individual circumstances vary. Reportedly there is already an upswing in capital expenditures.

Second, the small business exclusion rises from 20% of income to 23%, a welcome improvement.

Third, tax preparation for businesses is supposed to be simplified by the above provisions.

Fourth, there is  an e permanent extension of opportunity zones. These are regulated on a state basis but locating your plant or warehouse there carries special tax treatment.

Fifth, there is simplified international taxation, relating to foreign derived income and global low taxed income. These are arcane, so make sure you consult your CPA.

The bill also includes provisions related to business interest deductions, charitable contributions and the treatment of employer provided meals.

All in all, very welcome changes; we got a 250th birthday present a year earlier. Thank you to all who pushed for these changes…. you didn’t get enough thanks in the media.