The OBBB included an expansion of the qualified small business stock (“QSBS”) gain exclusion under Section 1202 of the Internal Revenue Code. This is important to practitioners, investors and owners of small businesses because the gain exclusion presents a valuable incentive for founders when raising capital and for investors when structuring their capital deployment.

On June 27, 2025, the Supreme Court issued its decision on review of three federal court orders that have blocked—on a nationwide basis—implementation of President Trump’s executive order restricting so-called “birthright citizenship” under the Fourteenth Amendment of the Constitution (whereby a child born in the United States “and subject to the jurisdiction thereof” is automatically deemed a citizen regardless of parental status).