The Oklahoma Bar Journal May 2026

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.

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 begin ning after Dec. 31, 2024, floor plan financing rules were amended to include certain trailers and camp ers designed for temporary living quarters. That is especially rele vant 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-pro vided 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 strat egy, not just a tax line item. The One, Big, Beautiful Bill makes many major changes to tax law, but more importantly, it makes consequential changes to life-planning practice areas. CONCLUSION

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.

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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.

MAY 2026 | 17

THE OKLAHOMA BAR JOURNAL