Category: One Big Beautiful Bill Act (OBBBA)
Estate Tax Planning Impacts of the OBBBA
On July 4, 2025, President Trump signed the extensive tax changes referred to as “One Big Beautiful Bill” Act (“OBBBA”). One of the major provisions will impact estate planning as we have known it. The OBBBA has extended the 2017 Tax Cut and Jobs Act provisions which were set to…
New Jersey GIT Adds IRC § 1202 Exclusion for QSBS Gains
New Jersey has aligned its Gross Income Tax with the federal exclusion of capital gains on Qualified Small Business Stock (QSBS) under Section 1202 of the federal Internal Revenue Code of 1986 (“IRC”). The New Jersey exclusion is effective for tax years beginning January 1, 2026. IRC § 1202 allows…
QSBS Tax Benefits Enhanced Under the OBBBA
Since its enactment as part of the Omnibus Budget Reconciliation Act of 1993, Section 1202 of the Internal Revenue Code has provided an exclusion for gain from the sale of qualified small business stock (QSBS) held for more than five years. To qualify as QSBS, the stock must be from…