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Client Advisories
07.17.2025
The One Big Beautiful Bill Act Brings on Significant Tax Reform
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (H.R. 1), passed by the U.S. House of Representatives just a day earlier through a dramatic 218-214 vote. This comprehensive tax bill reshapes federal policy across nearly every major sector of the American economy, with significant focus on corporate and individual tax reform. The OBBBA makes many expiring provisions of the Tax Cuts and Jobs Act (“TCJA”) permanent, and also significantly accelerates the termination of many credits created under the Inflation Reduction Act (“IRA”).
