On July 4, 2025, President Trump signed the bill known as H.R. 1 into law. This bill contains many tax provisions that will impact the American taxpayer. In this alert, our BRC Tax Professionals, will provide an overview of the most relevant estate and gift provisions contained in the bill and the impact they may have on you and your business.
Under the new bill, the estate tax exemption and lifetime gifting exemption is permanently increased to $15 million for single taxpayers and $30 million for married filing joint taxpayers, indexed for inflation each year.
Effective Date: The provision becomes effective for tax years beginning after December 31, 2025.
Note: The provisions discussed within this alert are federal tax provisions. The various state taxing authorities may or may not conform to these newly enacted federal provisions.
If you have any questions about how this impacts you or your business, please don’t hesitate to reach out to your trusted BRC tax advisor.
To read other alerts associated with the passing of this bill, click here.