News & Analysis as of

Federal Budget

Jones Day

New "Beginning of Construction" Guidelines Issued for Wind and Solar Tax Credits

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The Internal Revenue Service ("IRS") has issued Notice 2025-42 to implement the One Big Beautiful Bill Act ("OBBBA") mandate to phase out the clean electricity production tax credit (§ 45Y) and investment tax credit (§ 48E)...more

Troutman Pepper Locke

IRS Issues Beginning of Construction Guidance in Response to July Executive Order

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On August 15, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2025-42, which provides guidance on the beginning of construction requirement as it relates to the new credit termination...more

Venable LLP

The Return of CBER Director Prasad, FDA Announces New Chief Counsel, and FDA Budget Watch

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In our Venable FDA Pulse series, we report on critical developments within the Food and Drug Administration (FDA or the Agency) that may affect the Agency′s structure and stakeholder interactions. ...more

Fisher Phillips

How Will Non-Profits Be Impacted by the Big Beautiful Bill? Your Guide to Key Changes Affecting Charitable Giving, Excise Taxes,...

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President Donald Trump signed a massive budget bill last month – the “One Big Beautiful Bill Act” (OBBBA) – and it significantly impacts non-profits and tax-exempt organizations. While some of the new changes may be...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

The Rumors of OSHA’s Demise Might Be Exaggerated

The Occupational Safety and Health Administration’s (OSHA) fiscal year (FY) 2026 congressional budget justification suggested significant headcount reductions over the next two years and a corresponding reduction in...more

Troutman Pepper Locke

Colorado August Special Session Will Address Colorado AI Act

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Key point: Colorado lawmakers will have another opportunity to amend the Colorado AI Act. ...more

Pullman & Comley, LLC

Overview of the Tax Provisions in the One Big Beautiful Bill Act

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On July 4, 2025,, the One Big Beautiful Bill Act (OBBBA) became law.  The Act itself was almost 1,000 pages.  It made many of the provisions of the 2017 Tax Cuts and Jobs Act permanent and included new federal tax provisions....more

Jones Day

One Big Beautiful Bill Act— Impact on Energy Tax Credits

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The One Big Beautiful Bill Act (the “OBBBA”), which was passed on July 4, 2025, included several changes to the energy tax credits introduced and expanded by the Inflation Reduction Act of 2022 (the “IRA”). The key changes to...more

Ballard Spahr LLP

Housing Industry Update 2025 - Mid-Year Report

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Across the United States, empty office buildings have become a common sight. According to Moody’s Analytics, office vacancies are at their highest since the 1990s. The COVID hangover has left us with an abundance of vacant or...more

Foley Hoag LLP

Sweeping Changes in Store for Federal Healthcare Programs After the Enactment of the "One Big Beautiful Bill Act"

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Key Takeaways: - The One Big Beautiful Bill Act will create a sea change in the healthcare landscape. - This law will make significant changes to federal healthcare programs, especially Medicaid’s financing and eligibility...more

Fisher Phillips

Chemical Safety Board Likely to Shut Down – What Employers Need to Know

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The Trump Administration has allocated no money to fund the Chemical Safety Hazard Investigation Board (CSB) for fiscal year 2026, directing the agency to use its emergency funds to shutter its doors by the end of fiscal year...more

Cozen O'Connor

Illinois Insights: An update from Cozen O'Connor (7/30)

Cozen O'Connor on

Pritzker says Illinois working to soften impact of SNAP cuts imposed by Trump - “Gov. JB Pritzker spoke at an East St. Louis food shelter on Tuesday to talk about his administration’s plans to alleviate the impact spending...more

Haynes Boone

Federal Estate, Gift and GST Tax Highlights from the One Big Beautiful Bill Act

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The recently enacted One Big Beautiful Bill Act (OBBBA) brings sweeping and permanent changes to the federal estate, gift and generation-skipping transfer (GST) tax landscape. Most notably, it significantly increases the...more

McDonnell Boehnen Hulbert & Berghoff LLP

Death and Taxes Should not be Certainties for the Patent System

The Department of Commerce has floated a proposal to tax U.S. patent holdings as a means of reducing the national debt, as outlined in a recent Wall Street Journal article. It is a bad idea that reflects a troubling...more

Buckingham, Doolittle & Burroughs, LLC

The Big Beautiful SALT Deduction – How the increased SALT cap will impact business owners

On July 4, 2025, President Donald Trump signed the reconciliation bill, known as the “Big Beautiful Bill” (“BBB”), which covered many of his campaign promises. This reconciliation, centering upon extensions to the Tax Cuts...more

Brownstein Hyatt Farber Schreck

Federal Budget Reconciliation and Oversight: The Impacts on Higher Education

The One Big Beautiful Bill Act (OBBBA) passed the House and Senate and was subsequently signed into law by President Donald Trump on July 4....more

Cozen O'Connor

Illinois Insights: An update from Cozen O'Connor (7/28)

Cozen O'Connor on

Pritzker calls Texas GOP’s remap effort ‘cheating,’ doesn’t rule out Illinois response “Gov. JB Pritzker is leaving the door open to changing Illinois’ congressional maps to “counterbalance” an attempt by Texas politicians...more

McDermott Will & Schulte

OBBBA’s impact on employee benefit plans, programs, and arrangements

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. This sweeping tax and spending package affects large swaths of the US economy. Though reduced significantly from the original House...more

Brownstein Hyatt Farber Schreck

Congressional End-of-Year Outlook: Health Care and Beyond

In the aftermath of the One Big Beautiful Bill Act (OBBB), Congress must now refocus its attention on several outstanding priorities that need to be addressed before the end of the year. In March, Congress passed a Continuing...more

Alston & Bird

Look Ahead to the Week of July 28, 2025: Senate Continues Appropriations Efforts for 2026 Fiscal Year

Alston & Bird on

The House has already begun its August recess, but the Senate remains in session for one more week. However, President Trump has continued pressuring the Senate to cancel August recess in a bid to advance additional...more

Akin Gump Strauss Hauer & Feld LLP

Space Law,Regulation and Policy Update - July 2025

Good Afternoon! It’s been a busy two weeks across the space industry. Despite recent headlines, it looks like the throttles are all the way forward for space business. The Space Foundation reported that the global space...more

Bergeson & Campbell, P.C.

EPA’s Office of Research and Development — Villain or Victim?

On July 18, 2025, the U.S. Environmental Protection Agency (EPA) rolled out the “reorganization plan” for its Office of Research and Development (ORD). The stated goal of the plan is to reduce budget expenditures, improve...more

Foley Hoag LLP

Tax Benefits of QSBS Expanded under the “One Big Beautiful Bill Act”

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Key Takeaways: - On July 4, 2025, “The One Big Beautiful Bill Act” (the “Act”) was signed into law, introducing significant expansions of the tax benefits of “qualified small business stock” (“QSBS”) issued on or after July...more

Cozen O'Connor

Illinois Insights: An update from Cozen O'Connor (7/23)

Cozen O'Connor on

Fiscal differences remain as Illinois lawmaker urges for transit special session - “State Sen. Mike Simmons, D-Chicago, made the call Monday during a ceremony to mark the reopening of four Chicago Transit Authority train...more

Sheppard Mullin Richter & Hampton LLP

What Employers Should Know About the One Big Beautiful Bill Act (OBBBA)

On July 4, 2025, H.R.1, or what is being called the One Big Beautiful Bill Act (“OBBBA”), was signed into law, introducing major reforms in tax and employee benefits that affect businesses and their employees. OBBBA is an...more

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