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In a recent Missouri Lawyers Media article on the “One Big Beautiful Bill” Act (OBBBA), Lewis Rice tax attorney Michael T. Donovan discussed the legislation’s significant impact on businesses and individual taxpayers. Mike noted that making the 20% qualified business income deduction and lower individual tax rates permanent provides “a lot more ability to plan and a lot more certainty,” allowing business owners to make long-term entity and planning decisions. He also highlighted the restoration of 100% bonus depreciation and immediate expensing of domestic research costs, explaining that these changes “greatly reduce the cost of making new capital investments.”
Mike further commented on the reinstated EBITDA-based limit on interest deductions, enhancements to Qualified Small Business Stock and Opportunity Zone incentives, and Missouri’s repeal of the state capital gains tax—calling the latter “the biggest change affecting a lot of Missourians.”
To read the article, click under "Resources" below. Note, this link is accessible only to Missouri Lawyers Media subscribers.
Mike serves as Practice Group Leader for the Taxation practice group at Lewis Rice. He has significant experience in all aspects of tax planning for partnerships and LLCs, corporations, real estate, REITs, and investment funds. Mike regularly advises clients on mergers and acquisitions, real estate projects, and complex partnership issues.

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