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U.S. House Passes the “One Big Beautiful Bill Act”
The United States House of Representatives passed H.R. 1, also known as the "One Big Beautiful Bill Act," by a razor-thin 215-214 margin. It now heads to the U.S. Senate, where it is expected to undergo significant changes.
H.R. 1 is a more complete and updated version of H. Con. Res. 14, which ASA supported in a previous press release.
As currently written, the Big Beautiful Bill would enact changes to the federal tax code that would likely benefit most automotive repairers, particularly small auto repair businesses.
Below is a summary of the bill's key permanent provisions:
- Make permanent the standard tax deduction for businesses registered as sole proprietorships, S corporations, or partnerships and expand that deduction from 20 percent to 23 percent
- Make permanent the top marginal income tax rate at 37 percent for all income earned over $609,350
- Allow small businesses to deduct 100 percent of investments in certain machinery and equipment for the tax year of the expenditure, thereby avoiding depreciation
- Eliminate nearly all tax credits on purchases of electric vehicles (EV) and significantly scale back EV production incentives
- Increase estate tax and lifetime gift tax exemption to $15 million and adjusting it annually based on inflation
- Make permanent the tax credit for small businesses that provide Paid Family and Medical Leave in states where businesses are not required to provide such leave
- Make permanent the tax credit for small businesses that provide financial support for employees’ childcare
- Make permanent the $2,000 Child Tax Credit
- Increase the standard individual deduction by $1,000
- Increase the cap individuals who make less than $500,000 in a year can deduct for state and local taxes from $10,000 to $40,000
Below is a summary of the bill's key temporary provisions:
- Eliminate taxes employees must pay on overtime compensation - applies to tax years 2025-2028
- Make the Child Tax Credit $2,500 for tax years 2025-2028
- Allow car owners who make less than $100,000/year to deduct up to $10,000 in car loan interest payments for tax years 2025-2028
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