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On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump. After a dramatic few months of political infighting and intense negotiations, Republicans managed to move their sprawling tax and spending package across the finish line.
The OBBBA underwent several changes and iterations, as detailed in our previous alert. To recap, the House passed the original version of the bill on May 22, 2025. The Senate then made various amendments and passed its version of the bill on July 1, 2025. Once sent back to the House to reconcile differences between the two chamber’s versions, the Senate version of the bill passed without amendment on July 3, 2025. And of course, the bill then reached President Trump’s Desk shortly thereafter for a ceremonial July 4 signing.
The final bill includes a broad collection of tax cuts and offsets that will impact virtually every type of taxpayer. The key tax items in the bill include:
Other rumored items, such as a new corporate tax rate, a domestic manufacturing tax rate, a new capital gains tax rate, and carried interest reform, remained omitted from the final bill.
Now that the budget reconciliation process is over, and now that virtually all taxpayers have new legislation that could impact their tax compliance, cash flows, and overall business or wealth goals, please begin consulting with your Elliott Davis tax adviser.
As we continue to digest the OBBBA and eventually provide industry-targeted guidance, consider the following deeper dive into many of the final provisions, summarized by tax type.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.
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