NDBA - North Dakota Bankers Association

07/09/2025 | Press release | Distributed by Public on 07/09/2025 09:41

President Signs ‘Big Beautiful Bill’

After prolonged debate in the House of Representatives, the One Big Beautiful Bill Act passed by a vote of 218 to 214 vote last Thursday evening. President Trump signed the bill into law during a White House ceremony on Friday evening, reaching his July 4 goal.

Among the provisions included in the reconciliation bill were:
  • A modified version of the ACRE Act, under which banks will be permitted to exclude from gross income 25% of interest income derived from certain qualified real estate loans without a sunset date.
  • The permanent extension of the Section 199A pass-through deduction rate of 20%, which levels the playing field for Subchapter S banks.
  • An exemption from remittance tax for almost all transfers from banks and thrifts.
  • A permanent increase to the state housing credit ceiling and a lowering of the bond-financing threshold for projects financed by bonds, beginning in 2026.
  • Permanent extension of the New Markets Tax Credits that banks use to support growth in distressed communities
  • Permanent extension of increased estate tax and gift tax exemption amounts.
  • A permanent 100% bonus depreciation effective for most property placed in service on or after Jan. 19, 2025.
  • Permanent expensing for domestic R&D expenditures paid or incurred in tax years beginning after Dec. 31, 2024.
  • A reinstatement of the EBITDA (instead of EBIT) limitation under Section 163(j) for tax years beginning after Dec. 31, 2024.
  • Permanency and enhancements for the Opportunity Zones program.
  • Changes to the health savings account landscape, including bronze and catastrophic plans treated as high-deductible health plans.
  • A reduction in the amount of funding the CFPB can request from the Federal Reserve.

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