On July 3, 2025, the U.S. Congress passed H.R. 1, “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” (the “Act”). The Act was signed into law on July 4, 2025.
The House of Representatives passed...more
On May 22, 2025, the U.S. House of Representatives narrowly passed the House budget reconciliation bill (H.R. 1) (the “House Bill”) by a party-line vote of 215 – 214. The House Bill, which includes significant tax law...more
5/29/2025
/ Budget Reconciliation ,
Business Taxes ,
Deadlines ,
Estate Tax ,
Federal Budget ,
FIRPTA ,
Gift Tax ,
GILTI tax ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
Local Taxes ,
Net Investment Income ,
Proposed Legislation ,
REIT ,
SALT ,
State Taxes ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Legislation ,
Tax Liability ,
Tax Rates ,
Tax Reform
As discussed in our alert earlier this week, the recently announced proposed reconciliation package—the Inflation Reduction Act of 2022, H.R. 5376 (the “Bill”)—would impose a new 15% minimum tax on the adjusted financial...more