AICPA President and CEO Mark Koziel admitted that the One Big Beautiful Bill Act is not a perfect piece of legislation, but it contains many beneficial tax provisions that he believes support the business community and will help grow the economy.
“The passage of the One Big Beautiful Bill Act, which includes a number of important provisions beneficial to the accounting profession, is a win for millions of businesses, taxpayers, and tax practitioners across the country,” he said in a statement on Thursday afternoon.
Republicans’ sweeping tax-and-spending bill that pushes forth President Donald Trump’s legislative agenda was passed in the House of Representatives earlier this afternoon by a 218-214 vote.
Trump will sign the bill during a ceremony that is scheduled to begin at 5 p.m. ET on July 4.
- Related article: Congress Passes Trump Tax Bill Before July 4 Deadline
In his statement, Koziel noted many of the tax provisions in the bill that the AICPA has supported.
“This bill expands the use of section 529 accounts for costs associated with obtaining a post-secondary credential; repeals the lowered threshold for Form 1099-K; makes permanent 100 percent bonus depreciation; makes permanent the section 199A qualified business income deduction; extends and enhances the Paid Family and Medical Leave Tax Credit; removes the restriction on the regulation of contingency fees; retains current rules around the excess business losses limitations; and removes the limit on pass-through businesses’ state and local tax (SALT) deductions,” he said.
Koziel thanked the members of Congress “who supported millions of businesses’ ability to retain pass-through entity tax [PTET] SALT deduction and our partners throughout the state CPA societies and other professional service businesses for their diligent advocacy on this important issue.”
“The tax provisions in this bill will help facilitate tax planning earlier in the year, which can help reduce the anxiety of the unknown for many taxpayers,” he added. “We look forward to continuing our work with Congress and the administration to improve these provisions as they are implemented.”
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