On July 4, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law, averting 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.
As we’ve written elsewhere, the bill delivers permanent, pro-growth tax reforms designed to drive American innovation, boost investment, and benefit businesses, workers, and communities nationwide. In this article, we focus on five reforms that are especially relevant to American small businesses and highlight their potential benefits.
READ MORE: U.S. Chamber: One Big Beautiful Bill Is a Win for Economic Growth, Workers, and American Communities
Extension and Enhancement of Deduction for Qualified Business Income
In 2017, Congress permanently lowered the corporate income tax rate by 14 percentage…
