Tax Writers Approve Massive Tax Bill with Important Implications
Posted by Cory Van Deusen V on May 22, 2025
On May 14, 2025, the House Ways and Means Committee approved a large tax bill that would make expiring provisions of the Tax Cuts and Jobs Act (TCJA) permanent. The House of Representatives passed the bill on May 22, 2025. It proposes paying for a number of new tax cuts with a package of tax increases aimed at raising revenue. The legislation includes new real estate provisions, provisions related to Social Security and Medicare, and changes related energy policies, international tax rates, and other areas.
For a comprehensive look at the bill, read BDO’s full article about it here.
Written by Dustin Stamper. Copyright © 2025 BDO USA, P.C. All rights reserved. www.bdo.com
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Cory has over 20 years of experience providing tax and consulting services to commercial businesses and individuals. His expertise lies in the myriad of business development incentives offered by various federal, state, and local agencies to targeted industries such as Manufacturing, Software Development, Technology Companies and many other in order to encourage regional investment, spur job creation, and foster economic growth. The available incentives include refundable tax credits, tax abatements, grants, and forgivable loans. He has extensive knowledge of Start-Up NY, Opportunity Zones, the Excelsior Jobs Program, Qualified Emerging Technology Companies, and various local incentives such as Industrial Development Agency (IDA) benefits. Additionally, he spends his time providing services to Start-Up Companies ranging from a founder with an idea to multi-national tech companies that have raised hundreds of millions of dollars. Cory has experience in all areas of U.S. federal and NY State taxation. He has been with Lumsden McCormick since 2001, was named partner on January 1, 2015. He is a member of the Firm’s Executive Committee and is head of the commercial services group.