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Clarity, Not Chaos: A Look at What’s Changing ⚠️ This article was published June 18th and reflects the most up to date information at that time. Please reference the actual Senate and House bills as they change. We will update with a new post if this is signed into law. The One Big Beautiful Bill Act (TOBBBA), recently passed in the House, represents a major federal tax overhaul. It aims to lock in some of the 2017 tax cuts, while adding new benefits for families, seniors, small businesses, and hourly workers.  But like any bill of this scale, the benefits come with tradeoffs. Some Montanans may see new planning opportunities. Others — particularly those who rely on safety net programs — may feel the effects of deep federal cuts more acutely.  And now, as the Senate begins to mark up its own version of TOBBBA, key revisions are emerging — some aligned, others not — that could reshape how this bill impacts Montanans.  Here’s a plain-English breakdown of what’s staying, what’s new, what the Senate is changing — and what it could all mean for folks across Montana.    What’s Staying: Key Provisions from the 2017 TCJA  TOBBBA makes several 2017 Tax Cuts and Jobs Act (TCJA) provisions permanent:  Lower federal income tax rates  Doubled standard deduction  20% pass-through deduction (Section 199A) for small businesses, partnerships, and S corporations  $2,000 per child base Child Tax Credit  Most taxpayers are already familiar with these changes. What’s new is that they would no longer expire after 2025, giving a bit more predictability to long-term planning.    What’s New in the Bill  1. Auto Loan Interest Deduction — A First  This would allow individuals to deduct interest on auto loans — a first under federal tax law.  📌 Why this matters: In Montana, where car ownership isn’t a luxury but a necessity, this could provide real savings. It’s unclear whether this applies to new and used vehicles or whether caps will be introduced, but it’s one to watch.  This could be a valuable deduction for families driving long distances to work or young adults making their first car purchase.    2. Tips and Overtime — Narrow Exemptions from Income Tax  House Version:  Overtime Pay: Only the “extra half” of time-and-a-half pay would be exempt. For example, if you make $20/hour and work overtime, your first $30/hour (regular + time) is still taxable — but the extra $10/hour (the 0.5x) could be exempt.  Tips: The exemption only applies to tips reported by employers through payroll systems, not unreported cash tips.  Senate Revisions:  Moves to capped deductions instead of full exemptions:  Up to $25,000 in tip income can be deducted  Up to $12,500 in overtime pay deductible  A compromise is likely to retain some cap-based structure.  📌 While these provisions make headlines, they’re pretty limited in scope and may only apply in industries with consistent payroll reporting, like hospitality or service.    3. “Trump Accounts” for Newborns  Children born between 2025 and 2028 would receive a $1,000 federally seeded investment account, and families would be allowed to contribute up to $5,000 per year, tax-free.  These accounts could be used for:  Education  First-time home purchases  Major life milestones  The idea is long-term investment, not immediate relief. Households that can contribute regularly will benefit most.    4. Child Tax Credit Increased — But With Senate Changes  House Version: Increases from $2,000 → $2,500 per child Senate Version: Pulls that back to $2,200 per child. Both versions still exclude families with no earned income, leaving out many low-income households.  📌 Key point: The size of the credit and its refundability remain in flux, which is especially relevant for families with inconsistent work or seasonal earnings.    5. SALT Deduction Cap Expanded — But Now Hotly Contested  House Version: Increases the SALT deduction cap from $10,000 → $40,000 for households earning under $500,000. Senate Version: Keeps the cap at $10,000, rejecting the expansion entirely.  📌 For Montana taxpayers, this will mainly affect higher earners with significant property or state tax burdens — a relatively small group.  👉 Heads up for business owners: Both versions may eliminate the PTET (Pass-Through Entity Tax) workaround that Montana and other states use to help pass-through entities bypass the cap. If so, the net effect could be negative for some filers.    6. Senior Standard Deduction Bump  House Version: Temporary $4,000 additional standard deduction for seniors (65+), phasing out at $75,000 single / $150,000 joint income. Senate Version: Increases that to $6,000, offering more relief for fixed-income retirees.  📌 This is not a long-term shift but could help modest-income seniors during the transition years.    7. Business Expensing Returns: Section 179 & Bonus Depreciation  Bonus Depreciation would return to 100% expensing for qualified assets placed in service between Jan. 20, 2025, and Dec. 31, 2029.  Section 179 expensing cap would increase to $2.5 million, with phase-out beginning at $4 million.  📌 For Montana operations investing in new machinery, vehicles, or upgrades, this could be a strategic opportunity — assuming taxable income is strong enough to absorb the deductions.    8. EV Credits on the Chopping Block   Both House and Senate versions would eliminate the electric vehicle (EV) tax credit, including the lease-based workaround many buyers relied on.  The Senate gives a bit more time for other renewables — like solar, geothermal, and hydro — but the EV credit ends immediately under both drafts.  📌 Clients considering EV purchases in 2025 should plan around a likely loss of incentives if the bill becomes law.    How It’s Funded: Program Cuts and Offsets  According to the Congressional Budget Office, the bill's total cost is estimated between $3.5 and $4.6 trillion over 10 years.  To help cover that cost, TOBBBA proposes:  A 5% tax on international remittances Sunset of select CARES Act corporate tax breaks  And most notably, cuts to federal safety net programs, including:    Medicaid  House Version:  Adds a work requirement of 80 hours/month for able-bodied adults ages 19–64  Exempts seniors, caregivers, pregnant women, and those with documented disabilities  Senate Version:  Narrowly defines “able-bodied” adults as those without dependents or caregiving duties  Increases the frequency of eligibility checks  Cuts the provider tax more deeply in Medicaid expansion states (from 6% → 3.5%) 📌 This could shift more financial burden onto state budgets and rural hospitals, which already operate on thin margins. 📌 CBO estimates that up to 10.3 million Americans could lose coverage. Based on Montana’s share, up to 26,800 Montanans, including rural communities and working families, could be affected.    Medicare  Triggers $490 billion in cuts to provider payments over 8 years  May further reduce access in areas with healthcare shortages — especially eastern Montana and the Hi-Line    SNAP (Food Assistance)  Reduces federal administrative support from 50% → 25%  Raises work requirement age from 54 → 65  Adds penalties for overpayments, which may discourage flexibility in eligibility determination  📌 Montana currently serves 85,000 residents through SNAP, including about 41,000 children. If participation drops 10%, as many as 8,500 Montanans could lose food assistance.  These aren't abstract numbers — they represent neighbors, working families, and retirees in nearly every county of the state.    Where Things Stand  ✅ House Passed 🏛 Senate version released — with key differences on SALT, CTC, EVs, and eligibility rules 🔁 Reconciliation in progress — likely to spill into July 📅 If passed, most provisions take effect Jan. 1, 2025    Swanson Agency Takeaway: Eyes Open, Plans Ready  TOBBBA blends long-term tax certainty with short-term benefits, but it also brings significant shifts in social spending. Now, with the Senate introducing tighter eligibility, deeper provider cuts, and scaled-back benefits, the final impact will depend heavily on how reconciliation plays out.  For Montana households, small businesses, and ag producers, it’s critical to cut through the headlines and understand what this means.  Some may find savings or tax strategy opportunities. Others may face new gaps in coverage or support.  🎯 Either way, we’re here to help you prepare, plan, and protect your bottom line.  Swanson Agency  Montana Roots. Future Focused.  Tax, planning, and clarity — for every season. 

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