Congress Passes Massive Tax Overhaul: The 'One Big Beautiful Bill Act'
2025-07-05
The House passed the Senate's version of the 'One Big Beautiful Bill Act' (OBBBA) on July 3rd, 2025, dramatically reshaping federal tax policy. This legislative shift prioritizes domestic production and pro-business initiatives. Key changes include restoring 100% bonus depreciation, reinstating immediate expensing for US-based R&D, eliminating numerous Inflation Reduction Act clean energy programs, and permanently extending individual tax cuts. The act also introduces new incentives for middle-class families and manufacturers.
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