Scope: Global
Proposed
Interim Guidance on Special Depreciation Allowance for Qualified Production Property (Notice 2026-16)
Treasury and the IRS issued interim guidance allowing taxpayers to elect to take up to **100% special depreciation deduction** for qualified production property (QPP) placed in service after July 4, 2025 and before Jan 1, 2031. The guidance defines QPP, qualified production activity, election timing, and recapture rules when property changes use. Taxpayers may rely on this guidance until final proposed regulations are issued. Impacts manufacturing, agriculture, refining, and production facilities.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Form 1099-K Threshold Reverts to $20,000 and 200 Transactions under OBBB
Under the One, Big, Beautiful Bill, the threshold for TPSOs to issue Form 1099-K returns to reporting only when gross payments exceed $20,000 and there are more than 200 transactions—reversing the lower limits established previously. This affects gig economy workers and marketplace sellers.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
One, Big, Beautiful Bill provisions
The One, Big, Beautiful Bill Act (Public Law 119-21), effective for 2025-2028, includes new deductions such as "no tax on tips", "no tax on overtime", "no tax on car loan interest", and additional standard deduction for seniors. These provisions introduce eligibility criteria, income phase-outs, and reporting requirements which materially change tax planning for many taxpayers.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
‘One, Big, Beautiful Bill’ Provisions for Opportunity Zones and Rural Investments (Section 70421 etc.)
Under the One, Big, Beautiful Bill Act, effective July 4, 2025, the definition of rural Qualified Opportunity Zones is refined, reducing the substantial improvement threshold from 100% to 50% for property in rural QOZs, among other investment incentives in rural areas.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2026-16: Interim Guidance for Special Depreciation Allowance for Qualified Production Property
Under the One, Big, Beautiful Bill, taxpayers may elect to take a depreciation deduction up to **100%** of the unadjusted depreciable basis for qualified production property placed in service after July 4, 2025 and before January 1, 2031. Notice 2026-16 provides definitions, election procedures, and recapture rules, and allows reliance on interim guidance until proposed regulations are finalized.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Guidance for Opportunity Zone investments in rural areas under the One, Big, Beautiful Bill
Notice 2025-50 clarifies the definition of “rural area” and reduces the substantial improvement threshold—from 100 % to 50 %—for tangible property in QOZs that are entirely rural areas, effective July 4, 2025. The change expands eligibility for tax benefits under the Opportunity Zone program in underserved rural communities.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Working Families Tax Cuts Act: Individuals and Workers Provisions
The Working Families Tax Cuts significantly alter federal tax rates, deductions, and credits for individuals for tax years 2025–2028, including increases to the standard deduction and new deductions for tips, overtime, car loan interest, adoption credit, and adjustments to marginal tax rate thresholds.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
One, Big, Beautiful Bill provisions – Individuals and workers
A sweeping U.S. law passed in July 2025 (The One, Big, Beautiful Bill) introduced a series of individual & worker-focused tax changes effective in 2025-2028, including enhanced deductions for seniors, no tax on tips, overtime, car loan interest; inflation-adjusted standard deductions and rates; expanded childcare tax credits, etc.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 4, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Non-taxability of Canada Carbon Rebates for Small Businesses
Legislation is proposed to ensure that all Canada Carbon Rebates for Small Businesses (both past payments from 2019-20 through 2023-24, and the final payment for 2024-25) are **non-taxable**—i.e. not included in corporate income. Businesses may file under existing rules or wait for reassessments if included. If Royal Assent is received, reassessments will be automatic where possible.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 3, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Superannuation on government funded paid parental leave (PPLSC)
The Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Act 2024 makes superannuation contributions mandatory on government funded Paid Parental Leave payments. The law received Royal Assent on 1 October 2024, commenced 1 July 2025, and super funds will receive contributions (for 2025-26 leave) from 1 July 2026. Employers and super funds must follow specific reporting rules.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Reduction of lowest federal marginal personal income tax rate
Bill C-4 reduces the lowest federal personal income tax rate from 15% to 14.5% for the 2025 taxation year and to 14% for the 2026 and subsequent taxation years, affecting many taxpayers and the value of non-refundable tax credits.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Personal income tax: What’s new for individuals – lowering the lowest federally taxable income rate to 14% effective July 1, 2025
Budget 2025 proposes to reduce Canada’s lowest federal personal income tax rate from 15% to 14%, with effect from **July 1, 2025**. For 2025 the full-year rate is prorated to 14.5%, and from 2026 onward the 14% rate applies full-year. The rate applied to most non-refundable tax credits is also tied to this lowest rate and will decrease accordingly. This provides immediate tax relief to low- and moderate-income taxpayers and impacts withholding tables, payroll deductions, and claimed credits.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Better Targeted Superannuation Concessions (Division 296) – tax on earnings above $3 million balance
From 1 July 2025, individuals with total super balances exceeding $3 million will face a 15% tax on earnings attributable to the portion of their super balance above $3 million. Super funds must report additional Division 296 information; SMSFs will use new labels on the SMSF annual return; SFT and intra-fund transfer protocols updated. Reporting obligations kick in for the 2026 financial year. Impacts super funds, high balance individuals, and financial reporting systems.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
ATA law change: disallowing deductions for General Interest Charge (GIC) and Shortfall Interest Charge (SIC)
Law change that **denies income tax deductions** for GIC and SIC charges incurred on or after 1 July 2025 by taxpayers. These are no longer deductible in income tax returns for income years starting from that date. ([ato.gov.au](https://www.ato.gov.au/api/public/content/0-cd3490b1-151e-442d-9571-b0d481b340e0?utm_source=openai))
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Report on the Impact of Reducing the Lowest Marginal Personal Income Tax Rate on Non-Refundable Tax Credits
Under Bill C-4, the first (lowest) federal personal income tax rate was reduced from 15% to **14.5% for the 2025 tax year**, and to **14% for the 2026 taxation year and beyond**. This change also lowers the value of all non-refundable tax credits calculated using the ‘appropriate percentage’ tied to that rate. The reform results in tax savings of up to **CAD 420** per individual, and CAD 840 for two-income families, benefitting nearly **22 million Canadians**.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Division 296 Tax – Better Targeted Superannuation Concessions for super balances over A$3 million
Announced as part of the BTSC measure; from **1 July 2025**, individuals with a total superannuation balance exceeding A$3 million at the end of a financial year will be taxed at **15% on earnings** attributable to the excess over that threshold. Reporting obligations for super funds (including SMSFs) are being updated, with new labels and data requirements. This is intended to reduce concession for very high super balances.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Secretary of State Long highlights recent measures to make life more affordable for Canadians
The government is launching major tax and benefit changes: increasing the GST-credit-based Groceries and Essentials Benefit by 25 % over five years starting July 2026; introducing a one-time payment in spring 2026 equivalent to a 50 % increase in the 2025-26 GST credit; lowering the first federal personal income tax rate from 15 % to 14 % as of July 1, 2025 (effectively 14.5 % for full 2025); eliminating GST on new homes up to \$1 million for first-time buyers (and reduced GST up to \$1.5 million); and cancelling the federal consumer fuel charge and requirement for provinces to maintain consumer-facing carbon price effective April 1, 2025.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Division 296: Better Targeted Superannuation Concessions
From the 2025-26 income year (1 July 2025), individuals with total superannuation balances exceeding A$3 million will face stepped increases in concessional tax rates on super earnings: above A$3m up to A$10m taxed at ~30%, above A$10m taxed at ~40%. Objective is to improve equity and sustainability of superannuation tax concessions.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Personal Income Tax Changes – Reduction of the Lowest Federal Rate from 15% to 14% Effective July 1, 2025
The federal government proposed lowering the first (lowest) marginal income tax rate from 15% to 14%, commencing July 1, 2025. Because this comes in mid-year, the 2025 full-year effective rate is 14.5%. The rate also applies to most non-refundable tax credits. This tax cut benefits low- to middle-income taxpayers and reduces withholding. Further, employers should adjust payroll deductions accordingly after the effective date.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
report on the impact of reducing the lowest marginal personal income tax rate on non-refundable tax credits
Under Bill C-4, the lowest federal marginal personal income tax rate was reduced from 15% to 14.5% for the 2025 tax year and to 14% for 2026 and subsequent taxation years. It also examines how this rate change reduces the value of non-refundable tax credits, and how the new lower rate affects taxpayers using those credits.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2025
- Verification
- Not recorded
Open cited source