(a) Rules for allocation of certain deductions to foreign source net CFC tested income for purposes of foreign tax credit limitation.—Section 904(b) is amended by adding at the end the following new paragraph: “(5) DEDUCTIONS TREATED AS ALLOCABLE TO FOREIGN SOURCE NET CFC TESTED INCOME.—Solely for purposes
SEC. 70301. Full expensing for certain business property. (a) Made permanent.— (1) IN GENERAL.—Section 168(k)(2)(A) is amended by adding “and” at the end of clause (i), by striking “, and” at the end of clause (ii) and inserting a period, and by striking clause (iii). (2) PROPERTY
(a) In general.—Section 142(a)(1) is amended to read as follows: “(1) airports and spaceports,”. (b) Treatment of ground leases.—Section 142(b)(1) is amended by adding at the end the following new subparagraph: “(C) SPECIAL RULE FOR SPACEPORT GROUND LEASES.—For purposes of subparagraph (A), spaceport
(a) In general.—Section 48D(a) is amended by striking “25 percent” and inserting “35 percent”. (b) Effective date.—The amendments made by this section shall apply to property placed in service after December 31, 2025. Published with DiscussionBridge from the Repeal OBBBA Forum Source author: Editor · DiscussionBridge for Ghost
(a) In general.—Section 168 is amended by adding at the end the following new subsection: “(n) Special allowance for qualified production property.— “(1) IN GENERAL.—In the case of any qualified production property of a taxpayer making an election under this subsection— “(A) the depreciation deduction provided by section
(a) In general.—Section 179(b) is amended— (1) in paragraph (1), by striking “$1,000,000” and inserting “$2,500,000”, and (2) in paragraph (2), by striking “$2,500,000” and inserting “$4,000,000”. (b) Conforming amendments.—Section 179(b)(6)(A) is amended— (1) by inserting
(a) Exception to denial of deduction for business meals.—Section 274(o), as added by section 13304 of Public Law 115–97, is amended by striking “No deduction” and inserting “Except in the case of an expense described in subsection (e)(8) or (n)(2)(C), no deduction”. (b) Meals
(a) In general.—Section 45S is amended— (1) in subsection (a)— (A) by striking paragraph (1) and inserting the following: “(1) IN GENERAL.—For purposes of section 38, in the case of an eligible employer, the paid family and medical leave credit is an amount equal to either of the
(a) In general.—Section 163(j)(8)(A)(v) is amended by striking “in the case of taxable years beginning before January 1, 2022,”. (b) Floor plan financing applicable to certain trailers and campers.—Section 163(j)(9)(C) is amended by adding at the end the following new flush
(a) In general.—Part VI of subchapter B of chapter 1 is amended by inserting after section 174 the following new section: “SEC. 174A. Domestic research or experimental expenditures. “(a) Treatment as expenses.—Notwithstanding section 263, there shall be allowed as a deduction any domestic research or experimental expenditures which
SEC. 70301. Full expensing for certain business property. (a) Made permanent.— (1) IN GENERAL.—Section 168(k)(2)(A) is amended by adding “and” at the end of clause (i), by striking “, and” at the end of clause (ii) and inserting a period, and by striking clause (iii). (2) PROPERTY
SEC. 70201. No tax on tips. (a) Deduction allowed.—Part VII of subchapter B of chapter 1 is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section: “SEC. 224. Qualified tips. “(a) In general.—There shall be allowed as a deduction