Tax reform comes into focus for 2025

The Republican sweep of the presidency and Congress, with extremely narrow control of the House, sets up tax policy as a major issue in 2025. With many provisions of the 2017 Tax Cuts and Jobs Act expiring at the end of next year and tax policy changes able to be passed on a simple-majority basis through budget reconciliation, bankers can expect to see tax policy front and center. On the latest episode of the ABA Banking Journal Podcast — sponsored by Agri-Access — ABA VP Joey Connor discusses what to expect from the tax policy debate in 2025, including:

• The priority of extending Section 199(a) provisions for Subchapter S banks.
• Potential approaches to paying for a multi-trillion-dollar tax package.
• Issues related to credit union taxation and the base erosion that accompanies CU purchases of community banks.
• A range of complex technical tax issues, including GILTI, BEAT and Pillar 2 changes.