Section 1202 of the Internal Revenue Code permits a taxpayer to exclude from income a portion of the gain on a sale of qualified small business stock (QSBS). The One Big, Beautiful Bill Act (OBBBA), which took effect on July 4, 2025, expanded the benefits available under Section 1202 by, among other things, permitting a partial exclusion after a three-year holding period, increasing the eligible issuer size and raising the cap on excluded gains. A program at the FRA Private Investment Fund Tax & Accounting Forum explained how the OBBBA expanded the Section 1202 regime; identified ambiguities under the amended regime and concerns around investments in partnerships; and discussed potential workarounds and alternative strategies for disposing of QSBS. The panelists included Seward & Kissel partner Brett Cotler, Lowenstein Sandler partner Kristin V. Taylor and Grant Thornton Advisors manager Blaine Woodson. This article synthesizes their insights. See “How the Big, Beautiful Bill Impacts the Big, Beautiful Private Funds Industry” (Aug. 21, 2025).