The One Big Beautiful Bill Act Lowers Tax Bills for Homeowners and Small Businesses

Homeowners in high-cost states and small business owners are seeing lower tax bills and higher refunds. This result is the effect of the One Big Beautiful Bill Act. The legislation increased the SALT deduction cap and strengthened the permanent qualified business income deduction. It also maintained the mortgage interest deduction and 1031 exchanges. Families in high-cost states now find homeownership more feasible. Real estate professionals and small business owners use the savings to reinvest in their businesses.