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ARTICLE · 24 JULY 2025

The OBBB Act | Tax Extensions & Adjustments

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On Friday, July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) Public Law No: 119-21 (The OBBB Act).

United StatesTax
Douglas W. Schwartz
Douglas W. Schwartz
Frederick T. Dombo III
Frederick T. Dombo III
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On Friday, July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) Public Law No: 119-21 (The OBBB Act). The OBBB Act extends and makes permanent many provisions from the 2017 Tax Cuts and Jobs Act. Noteworthy tax changes include expanded deductions for state and local taxes, continued tax breaks for Qualified Opportunity Zones, and a phase-out of tax credits for solar and wind projects unless construction begins shortly after the bill's enactment or projects become operational by the end of 2027. The bill also adopts stricter regulations for new projects.

Tax-wise, the OBBB Act does the following:

  • extends or makes permanent many provisions from the first Trump administration's 2017 Tax Cuts and Jobs Act (TCJA) — which would have otherwise expired at the end of 2026 — including deductions for R&D and investments in new equipment; 37% top individual rate; the "qualified business income" deduction lowering rates for individuals

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