MAY 2026 | 17 THE OKLAHOMA BAR JOURNAL Statements or opinions expressed in the Oklahoma Bar Journal are those of the authors and do not necessarily reflect those of the Oklahoma Bar Association, its officers, Board of Governors, Board of Editors or staff. generally increases adjusted taxable income and can allow a larger business interest deduction. This is not just a technical change for tax lawyers; it matters in the real world to businesses that carry acquisition debt, equipment loans, operating lines of credit or real estate debt. Companies that were previously constrained by Section 163(J) may now have more room to deduct financing costs. FLOOR PLAN FINANCING RULES CHANGE The law also made industry- specific financing changes. The IRS notes that for tax years beginning after Dec. 31, 2024, floor plan financing rules were amended to include certain trailers and campers designed for temporary living quarters. That is especially relevant to dealers and sellers in the recreational vehicle and related vehicle industries, where floor plan financing can be central to inventory management. EMPLOYER-PROVIDED CHILDCARE CREDIT INCREASE Employers also received a childcare incentive expansion. The IRS says that beginning in tax year 2026, the maximum employer-provided childcare credit rises from $150,000 to $500,000 or $600,000 for an eligible small business. For small employers in competitive labor markets, that may make childcare support a more realistic retention and recruiting tool than it was under prior law. Professional firms, medical groups, manufacturers and retail chains that struggle with employee turnover should pay attention to this provision as a workforce strategy, not just a tax line item. CONCLUSION The One, Big, Beautiful Bill makes many major changes to tax law, but more importantly, it makes consequential changes to life-planning practice areas. Americans who treat this bill as just another tax update may miss one of the strongest windows in years to align tax planning with actual growth. Its impact was felt not just in April but is anticipated to affect how Americans work, spend, save and make major financial decisions over the next several years. ABOUT THE AUTHOR Shiny Mathew has 25 years of combined tax law and accounting experience. She is a nationally recognized tax attorney and sustained media presence of over 400 engagements in print, TV, radio and as a speaker across the U.S. She serves as a state commissioner, treasurer for the Oklahoma Governor’s Mansion and founder of IRS Blueprint. JOIN AN OBA COMMITTEE TODAY! Get more involved in the OBA, network with colleagues and work together for the betterment of our profession and our communities. More than 20 active committees offer you the chance to serve in a way that is meaningful for you. Now is your opportunity to join other volunteer lawyers in making our association the best of its kind! To join, visit www.okbar.org/committees/committee-sign-up. ONE ASSOCIATION MANY OPPORTUNITIES
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