WASHINGTON, DC – H.R. 1, also known as the One Big Beautiful Bill Act (OBBBA), made enhancements to the Farm Safety Net (see USA Rice Daily, July 7, 2025 ), and significant changes to the U.S. tax code relevant to farm families. In marking “Tax Day 2026,” following is a summary of the key tax provisions. Estate and Gift Tax The federal estate and gift tax exemption has been increased to $15 million per individual ($30 million per couple) and indexed for inflation on a permanent basis. Section 199A – Qualified Business Income Deduction The 20 percent Qualified Business Income (QBI) deduction has been made permanent. Nearly 98 percent of farms operate as pass-through entities — sole proprietorships, partnerships, and S Corporations — and are eligible for this deduction. Phase-out thresholds apply for single filers. A new minimum QBI deduction of $400 is available to those with at least $1,000 in qualified business income. Expensing and Depreciation The OBBBA restores 100 percent ...