Bruce Ely Quoted in The Playbook on How Trump's Victory Could Affect Businesses

Bradley attorney Bruce Ely was quoted in The Playbook on how Trump’s victory may affect businesses, specifically regarding tax implications.

Ely said negotiations over the TJCA [Tax Cuts and Jobs Act] appeared to be making headway before the election. Given the results of the election, those negotiations could accelerate, with answers likely to be available by December 2025.

Ely also said one closely watched issue in the TJCA negotiations is Section 199A deductions for owners of pass-through entities, which could have a significant effect on many business owners. The TJCA allows some taxpayers to exclude up to 20% of their pass-through business income from federal income tax. Small business groups have said failing to extend the provision would equate to a significant tax hike.

Another point of interest is the state and local tax cap [SALT]. While Trump has pledged to repeal the SALT cap, Ely said most observers expect an increase in the cap but not an outright repeal.

The full article, “From taxes to tariffs, here's how Trump's victory could affect businesses,” was published in The Playbook by The Business Journals on November 6, 2024.