Tax Package Clears Congress, Signed into Law

On July 4, President Trump signed the One Big Beautiful Bill Act after the legislation was approved by both the House of Representatives and the Senate in the days leading up to the holiday weekend. There are a number of NRMCA priorities among the provisions in the legislation, including:

• The 199A pass through entity deduction is renewed at 20% and made permanent
• Bonus depreciation reset to 100% and made permanent for assets placed in service after January 19, 2025
• Section 179 expensing limits and phase-out thresholds are increased
• Business interest deduction restored to 30% of EBITDA from EBIT and made permanent
• Estate tax threshold increased from $5.5 million to $15 million, made permanent and indexed to inflation
• R&D credit is made permanent
• New provision to immediately depreciate structures used in manufacturing

In addition to these wins, several important policies were kept in place, including the 21% corporate tax rate, 1031 exchanges, percentage depletion and favorable tax treatment of bonds for infrastructure. The business provisions included in the tax package represent significant wins for the ready mixed concrete industry and follow more than a year of engagement by NRMCA, our partners in the construction industry and the broader business community.

For more information, contact Andrew Tyrrell at atyrrell@nrmca.org.