News & Analysis as of

Federal Budget Tax Legislation

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

Spilman Thomas & Battle, PLLC

Congress Spares Tax-Exempt Bonds in the One Big Beautiful Bill Act

Throughout the first six months of 2025, proponents of tax-exempt bond financing feared that Congress might eliminate the exemption of interest on such bonds from federal income taxation in its search for spending reductions...more

Troutman Pepper Locke

The OBBB Renews and Makes Permanent Qualified Opportunity Funds

Troutman Pepper Locke on

On July 4, 2025, President Trump signed the “One Big Beautiful Bill Act” (OBBB), H.R. 1, into law. The OBBB extended and made permanent the general qualified opportunity fund (QOF) legislative framework for investments in...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Act: Key Tax Provisions and Analysis

On July 4, 2025, President Donald Trump signed into law the Act (formerly referred to as the One Big Beautiful Bill Act, or OBBBA). The Act includes a suite of tax-related provisions that (1) make permanent many of the...more

A&O Shearman

Summary of key provisions in House reconciliation bill

A&O Shearman on

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

Cadwalader, Wickersham & Taft LLP

Carried Interest Survives Budget Bill … for Now

On May 15, 2025, the House released the draft FY 2025 budget bill. As currently drafted, the budget bill does not limit or otherwise change the tax treatment of carried interest.  Following the release of the budget bill,...more

Kelley Drye & Warren LLP

One Big Beautiful Bill Act

On May 22, 2025, the House of Representatives passed the ​“One Big Beautiful Bill Act” (the ​“Bill”) by a one vote margin. Set forth below is a summary description of some of the provisions of the Bill....more

BakerHostetler

Tax Bill Proposes Trillions in Tax Cuts and Significant Tax Increases

BakerHostetler on

The race to remake portions of the Internal Revenue Code (Code) and to prevent expiration of certain Tax Cuts and Jobs Act (TCJA) provisions has begun, with House Ways & Means Committee proposals (the Markup) to spend...more

Cadwalader, Wickersham & Taft LLP

Open Sesame: Budget Resolution Clears the Way for Tax Cuts

On April 5th and April 10th, respectively, the Senate and House approved the FY25 budget resolution, thereby opening the budget reconciliation process and paving the way to enact President Trump’s various tax proposals,...more

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