Signed into law on July 4 by President Donald Trump, the One Big Beautiful Bill Act (OBBBA) is a critical piece of US tax legislation, serving as a de facto extension of the Tax Cuts and Jobs Act of 2017 (TCJA). Passed via budget reconciliation, the OBBBA locks in several TCJA provisions that were set to expire at the end of this year, while aiming to offset business costs through targeted changes.
The key provisions outlined here are most significant for businesses and corporate tax professionals. Be on the lookout for further analysis on the effect of the OBBBA on in-house tax professionals in future issues of Tax Executive.
Source: Vinson & Elkins, “One Big Beautiful Bill Act: Key Tax Impacts for Businesses,” July 8, 2025, www.velaw.com/insights/one-big-beautiful-bill-act-key-tax-impacts-for-businesses.
