Inside the One Big Beautiful Bill Act: A deep dive into its tax provisions
Your central source for in-depth analysis of the One Big Beautiful Bill Act. Stay informed with insights and commentary from our trusted leaders, featuring detailed articles on each tax provision and its implications.
Inside the One Big Beautiful Bill Act: A deep dive into its tax provisions
On July 4, 2025, President Trump signed into law the sweeping tax reform and spending reconciliation bill known as the One Big Beautiful Bill Act (OBBBA). The bill's enactment marks a major legislative achievement for the president, House Speaker Mike Johnson (R-LA) and Senate Majority Leader John Thune (R-SD). First introduced in the House of Representatives on May 20, 2025, the OBBBA (P.L. 119-21) includes major tax reform and spending cuts, and reignited debates over tax policy, fiscal responsibility and the role of government spending. It comes at a critical juncture as certain provisions of the Tax Cuts and Jobs Act (TCJA) were set to sunset at the end of 2025.
Negotiations over the bill’s more controversial tax provisions, such as the increase of the state and local tax (SALT) deduction, the repeal and phaseout of certain Inflation Reduction Act (IRA) credits and Medicaid reforms, were long debated in both the House and the Senate as Republicans raced for the July 4 goal.
With the newly enacted bill officially signed into law, Baker Tilly is closely monitoring the long-term impacts. This page serves as a guide to everything you need to know about the One Big Beautiful Bill Act tax provisions, which will be regularly updated with key insights and important information on how this legislation impacts taxpayers across the U.S.
What our thought leaders are saying now
Get the latest perspective from our leading professionals. This featured article offers timely insight into key tax provisions of the One Big Beautiful Bill Act and what it means for taxpayers today.
Get up to speed with announcements related to IRA amendments
One Big Beautiful Bill Act was signed into law on the Fourth of July
President Trump’s signature activates sweeping changes to sections 45Y, 48E and other IRA incentives
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Dive deeper into the implications of the One Big Beautiful Bill Act and uncover the legislative path that brought us here. From political negotiations to policy shifts, explore how this landmark tax reform came to life and what it means for the future.
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Changes to section 1202, Qualified Small Business Stock, in the One Big Beautiful Bill Act
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law. The Act introduces several changes to IRC section 1202 that broaden the availability of Qualified Small Business Stock benefits to eligible shareholders and expand the amount of gain that can be excluded.
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“Beautiful Bill” brings significant changes to the Inflation Reduction Act
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How the proposed House Republican tax plan impacts the IRA and energy-related tax credits and incentives
The proposed Republican tax plan significantly impacts IRA and energy-related tax credits and incentives.
May 2025 Policy Pulse
This article provides an in depth tax policy update as Republicans race against the clock in an attempt to send their multi-trillion tax reform package to President Trump’s desk by July 4.
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The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.