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The Act makes permanent many expiring TCJA provisions and changes key features of US tax law applicable to businesses and investments.

On July 4, 2025, President Trump signed into law H.R. 1, known as the One Big Beautiful Bill Act (the Act). The Act changes key features of US tax law.

Notably, the Act:

  • Makes permanent the Section 199A pass-through entity deduction, 100% first-year bonus depreciation, expensing of research and experimental costs, reduced limitation on business interest deductions, lower individual tax rates, and certain other provisions that were set to expire under the 2017 Tax Cuts and Jobs Act (TCJA)
  • Implements significant changes to the international tax regime
  • Renews and enhances incentives for Qualified Opportunity Zones and qualified small business stock

For an in-depth look at the Act relating to a range of taxpayer issues, see our report.