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On Wednesday, May 14, 2025, the House Ways and Means Committee completed the tax piece of “” and voted to advance it to the House Budget Committee.

This comprehensive tax bill includes a wide array of new and extended tax benefits for both businesses and individuals, along with several revenue-raising measures.

How could the 2025 tax bill affect your taxes?

The House tax bill could undergo significant modifications before it ultimately becomes law, but right now, the main proposals include:

• Permanently extend many provisions of the Tax Cuts and Jobs Act of 2017 before their scheduled sunset at the end of 2025.
• Temporarily restore favorable tax treatment for various business expenses that have been phased out recently, including those related to qualified property, research and development, and business interest.
• Create new manufacturing incentives, including bonus depreciation for factories and a higher gross receipts threshold for both small business tax accounting methods and interest limitation.
• Accelerate the phaseout of many of the IRA clean energy incentives, terminate most energy credits for individuals and phase out credit transferability.
• Address certain perceived unfair foreign government taxes on U.S. persons or foreign entities owned by U.S. persons.

The bill’s path to becoming a law

This tax bill has a long way to go before potentially becoming law. Here’s what to know about the process:

• The tax bill from Ways and Means gets combined with the other committees’ bills in the House Budget Committee, forming a single budget reconciliation bill that moves to the House floor for consideration.
• The House can pass the budget reconciliation bill with a simple majority vote. They want to do so by Memorial Day.
• If the budget reconciliation bill passes the House, it moves to the Senate, where the Senate Finance Committee will have gone through a similar markup process of their own proposed tax legislation.
• The Senate, like the House, can pass its budget reconciliation bill (which includes the Senate Finance Committee version of the tax bill) with a simple majority vote.
• If the Senate passes a different version of the budget reconciliation bill (which they most likely will), it must be reconciled with the House version through a Conference Committee.
• The Conference Committee negotiates and produces a final version of the bill. The reconciled budget bill, including the tax provisions, is sent back to both the House and Senate for final approval.

The goal is to have the bill to President Trump for his signature by July 4.

How Wipfli can help

Wipfli is monitoring the proposed legislation closely and will provide updates as the process advances. Our team can help you and your business navigate regulatory, policy and tax changes with timely insights for strategic planning and compliance. Stay up to date with our resource hub and learn more about our tax services.