Senate Reconciliation Bill Advances, Immediate Action Needed
The Senate Finance Committee released draft text for its portion of the reconciliation bill, known as the One Big Beautiful Bill Act (OBBBA). We are grateful that the legislation includes several IPA priorities, such as making the Section 199A Qualified Business Income (QBI) deduction and the Qualified Opportunity Zone (QOZ) Program permanent, but several critical issues impacting our industry remain unresolved.
Notably, the draft excludes tax parity for Business Development Companies (BDCs), unlike the House-passed OBBBA, which included BDC tax parity. The House-passed provision to establish BDC tax parity would effectively support small and mid-sized businesses as they grow and create jobs. Nor does the Senate draft address a prospective investment freeze between phases of the QOZ Program, which will harm housing production, business growth and local economic development.
With Senate Majority Leader John Thune aiming to bring the bill to a vote next week, we have a limited window to ensure our industry’s concerns are heard.
Take action now by using our grassroots platform to contact your legislators. We’ve launched two targeted campaigns, one advocating for BDC tax parity, and one urging needed QOZ enhancements.
Access the campaigns here: https://ipa.quorum.us/campaigns/
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