Emily Hill and Emma Dugenske, associates in Parsons Behle & Latimer's tax practice, wrote an article for the November 12 issue of Utah Business magazine addressing important tax strategies for Utah companies and individuals regarding the permanent tax cuts in the One Big Beautiful Bill Act (OBBBA).
Signed into law in July 2025, President Trump's OBBBA introduced significant tax planning opportunities for Utah business owners and high-income taxpayers. Strategies include leveraging Utah’s pass-through entity tax election to maximize state tax deductions, adjusting charitable giving strategies to account for new deduction limits, investing in qualified opportunity zones to defer or reduce capital gains taxes and taking advantage of expanded tax exclusions for qualified small business stock. While the new laws increase certain deductions and create opportunities for tax savings, they also introduce stricter eligibility requirements, reporting obligations and limitations on itemized deductions for high-income earners. Proactive tax planning is essential for Utah businesses and individuals looking to maximize these benefits and minimize tax liabilities.
Click here to read the full article.
