Central ND News

Senator John Hoeven hosted a press conference in Bismarck, North Dakota, to discuss the potential impacts of the One Big Beautiful Bill (OBBB) on local families and small businesses. The senator emphasized that the legislation aims to maintain and expand tax benefits for low- and middle-income households, reduce workers' tax burdens, and stimulate economic growth.

The OBBB's provisions are designed to preserve $4 trillion in tax relief. According to Hoeven, this could lead to an increase in take-home pay by up to $10,900 over four years for a typical family.

For individuals and families, the bill seeks to permanently extend individual tax rates and bracket changes introduced by the Tax Cuts and Jobs Act. This includes maintaining an increased standard deduction. Additionally, it proposes eliminating taxes on tips and overtime for many American workers. The enhanced child tax credit would be increased and made permanent at $2,200 per child with $1,700 refundable, adjusted for inflation.

Other measures include providing permanent relief from the death tax by setting exemptions at $15 million or $30 million for those married filing jointly. Savings accounts would be established for newborns as a means of building financial security. A new $6,000 tax deduction is proposed for low- and middle-income seniors.

For small businesses, the bill intends to permanently extend Section 199A pass-through deductions which benefit farmers and ranchers as well as agricultural cooperatives. It also suggests increasing Section 179 expensing limits and establishing 100 percent accelerated depreciation for new facilities starting construction between 2025-2028.

Additionally included are provisions making permanent both a 30 percent interest expense allowance and deductions related to research and development activities along with bonus depreciation allowances.

Hoeven stated: “At its core, the tax provisions in the One Big Beautiful Bill are about allowing American workers and small businesses to keep more of their hard-earned money.” He further noted that these measures aim not only at enhancing quality of life but also strengthening economic growth through business investments resulting in job creation across sectors.