One Big Beautiful Bill Act

Overview

• On July 4, 2025, the President signed into law the "One Big Beautiful Bill Act" (the "Act")
• Among other things, the Act makes permanent many provisions of the 2017 Tax Cuts and Jobs Act (the "TCJA") that otherwise would have expired this year
• The Act includes tax cuts of $4.5 trillion and spending cuts of $1.2 trillion, for a net cost of approximately $3.3 trillion over the 10-year budget window
• The Act contains a wide range of provisions that will affect nearly every sector of the economy and every type of taxpayer, including individuals, corporations, pass-through entities and tax-exempt organizations
• Although many taxpayers are affected, for the most part, the changes will generally not affect the structure of business or transactions