October 14, 2025
NSB’s Private Bank Report Examines Impact of New Tax Benefits on Nevadans
LAS VEGAS – The Private Bank by Nevada State Bank released the latest edition of the High Net Worth Report series today. Issue 4 of 2025 provides insights into tax changes in the One Big Beautiful Bill Act (OBBBA). Included in this issue is a summary of individual tax cuts, new tax deductions for overtime pay and tipped income, and higher tax deductions for seniors.
Highlights from the issue include:
- Individual tax cuts from the 2017 Tax Cuts and Jobs Act have been made permanent,
preserving increased standard deductions. - The tax benefit from charitable deductions is now capped at 35 percent for top-bracket taxpayers. The new cap effectively reduces the value of deductions for taxpayers in the 37 percent marginal tax bracket.
- Taxpayers can now deduct up to $10,000 in interest paid on loans for certain new vehicles purchased for personal use.
- Pass-through business owners continue receiving a 20 percent deduction on qualified income.
- Estate and gift tax exemptions were made permanent at $15 million per individual and $30 million per married couple.
- The state and local tax (SALT) deduction cap was raised to $40,000, reverting to $10,000 in 2030.
“The OBBBA’s preservation of individual tax cuts, along with its new deductions for tipped income and overtime pay, will put more money back in the pockets of hardworking Nevadans,” said James Rensvold, Executive Vice President and Director of Private Banking. “That added take-home pay has the potential to boost household finances across the state.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702-855-4596.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank is a full-service bank offering a complete range of consumer, private, and business banking services, as well as wealth management services, with a robust statewide branch network. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 65 years. Zions Bancorporation, N.A. is included in the S&P 400 MidCap and NASDAQ Financial 100 indices (NASDAQ: ZION).
For more information on Nevada State Bank, visit www.nsbank.com.
A division of Zions Bancorporation, N.A. Member FDIC.