Myra Sutanto Shen

On November 21, 2025, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations under Section 45011relating to the one percent stock buyback excise tax (the Final Regulations).

Important Changes for Technology and Life Sciences Industries Introduction On July 4, 2025, President Trump signed H.R. 1, commonly known as the “One Big Beautiful Bill Act” (OBBB), into law.[1] OBBB was initially approved by the House of Representatives on May 22, 2025 (the House Bill),[2] followed by proposed changes that were released by the Senate Finance Committee on June 16, 2025 (the SFC Bill) and passed by the full Senate on July 1, 2025.

The “qualified small business stock” (QSBS) tax exemption under Section 1202[1] allows non-corporate founders and investors in certain emerging growth companies to potentially exclude up to 100 percent of the U.S. federal capital gains tax incurred when selling its stake in the start-up or small business.