The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-year bonus depreciation The OBBBA permanently restores the 100% first-year depreciation deduction for eligible assets acquired after January 19, 2025. This is up from the 40% bonus depreciation rate for most eligible assets before the OBBBA. First-year depreciation for qualified production property The law allows additional 100% first-year depreciation for the tax basis of qualified production property, which generally means non-residential real property used in manufacturing. This favorable deal applies to qualified production property when the construction begins after January 19, 2025, and before...