Toggle Site Search
Close Site Search
Help me find X
LOG IN
LOG IN
Toggle Site Search
Close Site Search
Quick Links X

Tracking 2025 Tax Legislation

AdobeStock_1112653240

 

REFRESHER: TAX CUTS AND JOBS ACT (TCJA) OF 2017
  • TCJA was passed via budget reconciliation and signed into law in December 2017
  • Many changes to tax code that impacted

          – Income tax rates, deductions, and exemptions; gift and estate taxes; business taxes; and much more

  • Most of its provisions went into effect on January 1, 2018, and are scheduled to expire on January 1, 2026

 

POTENTIAL 2025 LEGISLATION: “ONE BIG BEAUTIFUL” BILL
Current and Projected Legislative Timeline: 
image 1

House Tax Bill Key Individual Tax Proposals: 

  • Extends individual income tax rates and brackets (certain exceptions for the 37% bracket)
  • Increases limit for state and local tax (SALT) deduction to $40,000 (subject to MAGI phasedown)
  • Increases estate, gift, and generation-skipping transfer (GST) exemptions to $15 million
  • Increases qualified business income deduction to 23%
  • Renews the qualified opportunity zone program

 

SUBTITLE A: INDIVIDUAL TAX POLICY (PROPOSED HOUSE TAX BILL)
Permanent Extensions: The following provisions of TCJA would be made permanent by the proposed bill and include some additional changes.  
image 2
SUBTITLE A: INDIVIDUAL TAX POLICY (PROPOSED HOUSE TAX BILL)
Permanent Extensions (continued): The following provisions of TCJA would be made permanent by the proposed bill and include some additional changes.  
image 3
SUBTITLE B: BUSINESS TAX POLICY (PROPOSED HOUSE TAX BILL)
TCJA Extensions: The following provisions of TCJA would be extended by the proposed bill and include some additional changes.  
image 4

 

 

SUBTITLE C: PAY-FORS (PROPOSED HOUSE TAX BILL)
 

Subtitle C contains provisions for Revenue Raisers (Part 1), Tax Credit Eligibility (Part 2), and Improper Payments and Recapture of Excess Premium Tax Credits (Part 3) — some key provisions are below:

  • Changes to clean energy tax provisions (Part 1, Sections 112001 to 112016)
  • Changes to tax rules for foundations, colleges, universities, and other tax-exempt organizations (Part 1, Sections 112020–112025)
  • Net operating losses for pass-throughs (Part 1, Section 112026)
  • Employee retention tax credit (Part 3, Section 112205)
  • Earned income tax credit (Part 3, Section 112206)

City National Rochdale’s Private Wealth Solutions team  specializes in educating and assisting clients with making these important financial decisions with the Comprehensive Wealth Assessment. City National Rochdale’s Comprehensive Wealth Assessment is a complimentary, holistic service that focuses on identifying gaps and solutions, and empowers clients to make informed decisions. We pair sophisticated financial tools and modeling techniques with a personal approach to illustrate for you the financial benefits advance planning can help deliver.

 

To learn more, contact your Financial Advisor. You can also visit us at www.cnr.com, or email us at citynationalrochdale@cnr.com.

Sources:

United States House Committee on Ways & Means, Pulled June 1, 2025

Congress.gov, H.R.1 - One Big Beautiful Bill Act 119th Congress (2025-2026), Pulled June 1, 2025

Amendment to Rules Committee Print 119-3 Offered by Mr. Arrington of Texas, Pulled June 1, 2025

Important Information

 

This document is for general information and education only. It is not meant to provide specific tax guidance. The information in this document was compiled by the staff of City National Rochdale from data and sources believed to be reliable, but CNR makes no representation as to the accuracy or completeness of the information. The opinions expressed, together with any estimates or projections given, constitute the judgment of the author as of the date of the presentation. CNR has no obligation to update, modify, or amend this document or otherwise notify you in the event any information stated, opinion expressed, matter discussed, estimate, or projection changes or is determined to be inaccurate.

 

City National Bank, its managed affiliates and subsidiaries, as a matter of policy, do not give tax, accounting, regulatory, or  legal advice. Rules in the areas of law, tax, and accounting are subject to change and open to varying interpretations. Any strategies discussed in this document were not intended to be used, and cannot be used for the purpose of avoiding any tax penalties that may be imposed. You should consult with your other advisors on the tax, accounting and legal implications of actions you may take based on any strategies or information presented taking into account your own particular circumstances.

 

This presentation (or any portion thereof) may not be reproduced, distributed, or further published by any person without the written consent of CNR.

 

City National Rochdale, LLC, is a SEC-registered investment adviser and wholly owned subsidiary of City National Bank. Registration as an investment adviser does not imply any level of skill or expertise. City National Bank and City National Rochdale are subsidiaries of Royal Bank of Canada.

 

© 2025 City National Rochdale. All rights reserved.

 

 

NON-DEPOSIT INVESTMENT PRODUCTS: • ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE 

 

Show More

Put our insights to work for you.

If you have a client with more than $1 million in investable assets and want to find out about the benefits of our intelligently personalized® portfolio management, speak with an investment consultant near you today.

If you’re a high-net-worth client who's interested in adding an experienced investment manager to your financial team, learn more about working with us here