• Tax rates: The One, Big, Beautiful Bill Act (OBBBA) made the current individual income-tax rate structure permanent.
  • Standard deduction: For tax year 2025, the standard deduction increased to $15,750 for single filers, $23,625 for heads of household, and $31,500 for married couples filing jointly. Inflation-adjusted amounts apply in later years.
  • Personal exemptions and the senior deduction: Personal exemptions remain at zero. For 2025 through 2028, eligible individuals age 65 and older may claim an additional $6,000 deduction, subject to modified-adjusted-gross-income phaseouts beginning at $75,000 for single filers and $150,000 for joint filers.
  • Qualified Business Income: The Section 199A Qualified Business Income deduction was made permanent and generally remains at 20% of qualified income, subject to its eligibility rules and limitations.
  • Estate-tax exemption: The lifetime estate and gift-tax exclusion was increased to $15 million for 2026, with inflation adjustments thereafter.
  • Mortgage-interest deduction: The limitation generally tied to the first $750,000 of qualified home-acquisition indebtedness ($375,000 for married filing separately) was made permanent. Home-equity interest remains subject to separate use-of-funds rules.
  • Casualty losses: The limitation on personal casualty-loss deductions continues, with relief generally connected to qualifying federally or state-declared disasters under the applicable rules.
  • Miscellaneous itemized deductions: The suspension of most miscellaneous itemized deductions was made permanent, while specific items such as eligible educator expenses continue under their own provisions.
  • Bonus depreciation: The law restored permanent 100% bonus depreciation for eligible property acquired after January 19, 2025, subject to the property's qualification and placed-in-service requirements.
  • Excess business losses: The limitation on excess business losses for noncorporate taxpayers was made permanent. The annual limit is indexed for inflation.