The One Big Beautiful Bill Act, enacted on July 4, 2025 as Public Law 119-21, introduced a wide range of changes that will impact tax returns for the 2025 tax year and beyond.
Prior to 2025, research and development costs were capitalized and amortized over a 15-year period. Starting in 2025, research and development cost conducted in the United States can be expensed rather than capitalized.
The OBBB also contains provisions to accelerate existing capitalized costs.
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