The One Big Beautiful Bill Act, commonly shortened to OBBBA, is the 2025 federal tax law that extended and expanded major provisions of the 2017 Tax Cuts and Jobs Act. For small business owners, the practical effect is a handful of specific, dollar-and-cents changes to depreciation, the pass-through deduction, R&D cost recovery, and interest expense limits — several of which the IRS has already built into its 2026 inflation-adjusted figures.