State Tax Implications of the One Big Beautiful Bill Act

State Tax Implications of the One Big Beautiful Bill Act

For Congress, work on the One Big Beautiful Bill Act is done. But in state capitols, the work has not yet begun. Many of the tax changes in the federal reconciliation act flow through to state tax codes—automatically in some states, and subject to an update in states’ Internal Revenue Code conformity date in others.

One Big Beautiful Bill Act not a “fair deal,” says MGM Resorts International CEO

MGM Resorts International CEO Bill Hornbuckle believes Donald Trump’s One Big Beautiful Bill Act (OBBBA) is not a “fair deal”, as momentum to reverse the legislation gathers pace.   As per the OBBBA, bettors are only permitted to deduct 90% of their gambling losses in a tax year, compared to the 100% level previously. While the act originally appeared to receive backing from the American Gaming Association on social media, the trade body later c…