BILL Holdings Gains 0.67% on $280M Volume Ranks 389th as Tax Reform Sparks Market Shifts

On September 2, 2025, BILL Holdings (BILL) rose 0.67% with a trading volume of $0.28 billion, ranking 389th in market activity. The stock’s performance coincided with the enactment of the One Big Beautiful Bill Act (OBBBA), a sweeping tax reform signed into law on July 4, 2025, which has significant implications for corporate and individual taxpayers.

The legislation permanently extends key provisions from the 2017 Tax Cuts and Jobs Act, including the Section 199A qualified business income deduction. This deduction allows non-corporate taxpayers to deduct up to 20% of their pass-through business income, reinforcing the tax competitiveness of flow-through entities like LLCs and S Corporations. The permanence of this provision reduces the likelihood of structural shifts in business entity choices driven by tax considerations, potentially stabilizing demand for services related to pass-through entity compliance and advisory services.

Additionally, the OBBBA enhances the Qualified Small Business Stock (QSBS) regime, increasing the gross asset threshold for eligible corporations from $50 million to $75 million and introducing a tiered capital gains exclusion structure. These changes incentivize entrepreneurs to structure new ventures as C Corporations to qualify for QSBS benefits, which could indirectly influence investment flows and corporate formation trends. Legal and financial advisors are expected to play a key role in ensuring compliance with eligibility criteria, such as original issuance requirements and industry restrictions.

The tax law also raises the lifetime estate and gift tax exclusion to $15 million (indexed for inflation) and extends the 37% top individual income tax rate permanently. These measures provide long-term certainty for high-net-worth individuals and could affect intergenerational wealth planning strategies, indirectly impacting financial services sectors involved in estate and tax planning.

The backtest results for BILL indicate that the stock’s 0.67% gain aligns with broader market trends influenced by the OBBBA’s passage. The legislation’s focus on tax stability and business incentives may support investor confidence in sectors benefiting from extended deductions and favorable capital gains treatments. However, the long-term impact on BILL’s valuation will depend on how corporate clients adapt to the new tax landscape, particularly in entity structuring and investment decisions.