Tax

After much debate on Capitol Hill, President Trump signed into law the One, Big, Beautiful Bill Act (the “Bill”) on July 4, 2025, delivering a sweeping legislative tax and spending package. The House of Representatives voted to approve its version of the Bill on May 22, 2025 (the “House Bill”), and the Senate voted to approve a modified version of the Bill on July 1, 2025 (the “Senate Bill”). The House then approved the Senate Bill on July 3, 2025, despite its initial hesitancy to accept the Senate’s changes.

The Bill amends the Internal Revenue Code of 1986, as amended (the “Code”), including certain U.S. international tax provisions, permanently extending of provisions from the Tax Cuts and Jobs Act of 2017 (the “TCJA”), provisions relating to state and local tax (“SALT”) deductions, individual tax provisions, and energy transition tax credit provisions. Specifically, the Bill corrects certain mistakes in the TCJA, simplifies certain complex U.S. international tax calculations, makes permanent tax deductions for U.S. corporations originally set to expire under the TCJA, and curtails most energy transition tax credits currently available
under the Code.

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