Washington, D.C. (July 3, 2025) – President and CEO, Mark Koziel, CPA, CGMA, of the American Institute of CPAs (AICPA) issued a statement following the passage One Big Beautiful Bill Act (OBBB):
“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. Among the numerous provisions supported by the AICPA, 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.
“We are thankful to the members of Congress who supported millions of businesses’ ability to retain pass-through entity tax SALT deduction and our partners throughout the state CPA societies and other professional service businesses for their diligent advocacy on this important issue.
“No bill is perfect – however, there are many beneficial tax provisions in this bill that I believe support the business community and will help grow our economy. 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. We look forward to continuing our work with Congress and the Administration to improve these provisions as they are implemented.”
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with 397,000 members and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. A founding member of the Association of International Certified Professional Accountants, the AICPA sets ethical standards for the profession, attestation standards, and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state, and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, partners across the profession to build future talent, and drives continuing education to advance the vitality, relevance, and quality of the profession.
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BACKGROUND:
July 1, 2025 – The AICPA sent a letter to Senate leadership expressing its strong support for tax-related provisions included in the Senate version of the One Big Beautiful Bill Act (OBBB) passed by the Senate.
June 28, 2025 – The AICPA released a statement on text of Senate bill regarding pass-through entities
June 24, 2025 – In a letter to the Senate Finance Committee, the AIPCA offered its endorsement of several provisions, its concerns regarding the PTET SALT deduction, its request for clarification of the SALT proposal and two recommendations the excess business loss rule and casualty loss deduction.
June 18, 2025 – The AICPA issued a press release expressing appreciation to Senate for efforts to “improve and correct” House bill
June 12, 2025 – The AICPA & State CPA Societies raise concerns over PTET SALT deduction elimination in letter to Senate Finance Committee
May 29, 2025 – AICPA letter to Senate on the One Big Beautiful Bill Act
May 20, 2025 – AICPA comment letter: AICPA Leadership Letter on PTET Deduction
March 3, 2025 – AICPA comment letter: Permanent, Consistent, and Clear Disaster Relief Tax Legislation
February 13, 2025 – AICPA comment letter: AICPA Recommendation to Amend Qualified Business Income Deduction
June 6, 2023 – AICPA comment letter: S. 1761, the Red Tape Reduction Act
April 11, 2023 – AICPA comment letter:Freedom to Invest in Tomorrow’s Workforce Act (H.R. 1477)
December 8, 2017 – AICPA comment letter: Conference of the House and Senate-passed versions of the Tax Cuts and Jobs Act
November 13, 2017 – AICPA comment letter: Tax Cuts and Jobs Act
Contact: Veronica L. Vera
202-434-9215
Veronica.Vera@aicpa-cima.com