Article
Tax policy update: House-approved tax reform bill key provisions and takeaways
June 5, 2025 · Authored by Jessica L. Jeane
On May 22, 2025, the House of Representatives narrowly passed the tax reform and spending cuts package titled the “One Big Beautiful Bill Act.” The budget reconciliation bill as currently drafted generally includes making permanent the soon-to-expire tax provisions of the Tax Cuts and Jobs Act (TCJA) with some modifications, the revival and extension of certain business tax incentives, and the creation of new tax breaks requested by the Trump administration. Additionally, the bill includes significant changes to clean energy credits enacted under the Inflation Reduction Act (IRA).
This week, the bill has made its way over to the Senate – the next stop in the journey to President Trump’s desk by July 4, if Republicans get their wish. This legislation is far from final, however, as the upper chamber is expected to significantly modify the House-approved bill.
For a closer look of key business, individual and international provisions proposed in the bill, and the potential impact on taxpayers, we invite you to explore our One Big Beautiful Bill Act insights brought to you by the tax policy specialists at Baker Tilly.
Stay tuned for our June 2025 Policy Pulse later this month.
Dive deeper into the bill
Initial insights and thoughtful analysis of the House-approved bill.
One Big Beautiful Bill Act: Key business tax provisions
This article provides an initial analysis and important takeaways of key business tax provisions within the House-approved bill.
One Big Beautiful Bill Act: Key individual tax, trust and estate provisions
This article provides an initial analysis and important takeaways of key individual tax provisions within the House-approved bill.
One Big Beautiful Bill Act: Key international tax provisions
This article provides an initial analysis and important takeaways of key international tax provisions within the House-approved bill.
