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Federal Budget Trump Administration

Nossaman LLP

The OBBB Act | Agriculture Reimagined: Conservation, Taxes & Specialty Crops

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On Friday, July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) Public Law No: 119-21 (The OBBB Act). The legislation spans multiple sectors, Title I addresses agriculture and essentially acts...more

Ballard Spahr LLP

Tax Impact of the OBBBA: What the New Budget Law Means for Housing and Real Estate

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President Trump’s budget permanently extends numerous provisions of the Internal Revenue Code from the Tax Cuts and Jobs Act (TCJA) of 2017 scheduled to expire at the end of 2025 and includes several changes that will have...more

Ballard Spahr LLP

The OBBBA’s Impact on Employee Benefits and Executive Compensation

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H.R.1—the One Big Beautiful Bill Act (OBBBA)—contains several provisions that directly affect employer-provided benefit programs, primarily health and welfare programs....more

McDermott+

Healthcare Preview for the Week of: July 14, 2025

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Rescissions rescissions - Congressional focus this week is on the rescissions package and appropriations. The rescissions bill has a July 18 deadline to reach the president’s desk for signature. The bill is pending in the...more

Schwabe, Williamson & Wyatt PC

Changes to Employee Benefit Plans in the One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act, 2025 (OBBBA) was enacted. The OBBBA is far-reaching and employers may need to do a lot of work to bring their systems and procedures into compliance. Some of the changes in the...more

McDermott Will & Emery

Modified QOZ program delivers new investor incentives and permanence

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The One Big Beautiful Bill Act (OBBBA) significantly modified the Qualified Opportunity Zone (QOZ) program via a set of comprehensive reforms aimed at improving accountability, long-term impact, and geographic equity. The new...more

BakerHostetler

The Weekly Hill Update - July 2025

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Below is this week’s congressional update by BakerHostetler’s Federal Policy team. We’ll continue to post in weeks when both chambers of Congress are in session....more

Quarles & Brady LLP

No AI Moratorium for Now, but What Comes Next?

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President Donald Trump’s budget reconciliation bill (H.R.1.), dubbed the One Big Beautiful Bill Act (the Bill), nearly put a decade-long pause on state and local government AI regulation within the United States (the...more

A&O Shearman

Impact of the One Big Beautiful Bill Act on Inflation Reduction Act Incentives

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On July 4, 2025, President Trump signed into law “An Act to provide for reconciliation pursuant to title II of H. Con. Re. 14” (commonly known as the One Big Beautiful Bill Act (the “Act”)). On July 7, President Trump...more

McDermott+

McDermott+ Check-Up – July 11, 2025

McDermott+ on

THIS WEEK’S DOSE - - President Trumps signs OBBBA into law. After months of debate, Congress passed and President Trump signed H.R. 1, the One Big Beautiful Bill Act (OBBBA), into law on July 4, 2025. - Senate HELP...more

King & Spalding

President Trump Signs Budget Reconciliation Bill with Significant Medicaid Changes into Law

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On the afternoon of July 4, President Trump signed into law H.R. 1, the One Big Beautiful Bill Act – comprehensive budget reconciliation legislation that represents the core of President’s second-term domestic agenda and...more

Bilzin Sumberg

Key Tax Provisions in the One Big Beautiful Bill Act: What Individuals and Businesses Need to Know

Bilzin Sumberg on

The enactment of the One Big Beautiful Bill Act (“OBBBA”) on July 4, 2025 is the first key piece of tax legislation passed during President Trump’s second administration. While preserving much of the structure established...more

Seyfarth Shaw LLP

From Telehealth to Trump Accounts: Breaking Down the One Big Beautiful Bill’s Impact on Employee Benefits

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On July 4, 2025, Donald Trump signed the One Big Beautiful Bill (OBBB) into law. Although most have focused on the sweeping tax reform included in the OBBB, a number of key employee benefits provisions are included in the...more

Ballard Spahr LLP

Budget bill does not include Senate proposal to delay Section 1071 for ten years, but Trump Administration again promises changes

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The huge budget bill signed by President Trump on July 4 does not include a proposal from Senate Banking, Housing and Urban Affairs Committee Republicans to delay implementation of the Section 1071 rule for ten years, but the...more

Stinson LLP

One Big Beautiful Bill Explained

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On July 4, President Trump signed into law the One Big Beautiful Bill Act (Bill), which was approved by the Senate and House earlier in the week.  The 870 page-bill covers nearly every sector of the American economy, and...more

Holland & Knight LLP

CFPB Budget Slashed by Almost 50 Percent as Trump Signs One Big Beautiful Bill Act

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President Donald Trump on July 4, 2025, signed into law the One Big Beautiful Bill Act (OBBB), sweeping legislation that has direct impacts on the future of the CFPB. The final bill reduces the CFPB's operating budget from 12...more

Sullivan & Worcester

"One Big Beautiful Bill Act" Enshrines Opportunity Zone Provisions

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On July 4, 2025, President Trump signed the "One Big Beautiful Bill Act" (the “OBBBA”), which contains amendments to sections 1400Z-1 and 1400Z-2 of the Internal Revenue Code (the “Original Statute”)—the provisions that...more

Bradley Arant Boult Cummings LLP

How the Big Beautiful Bill Will Affect Your Big Beautiful Workplace

The Big Beautiful Bill was signed into law by President Trump on July 4, 2025. The BBB is a complex budget reconciliation law (a law that follows a special procedure for more simplified passage) that contains over a thousand...more

McDermott Will & Emery

No state AI law moratorium in One Big Beautiful Bill Act

On July 4, 2025, US President Donald Trump signed into law the budget reconciliation bill, known as the One Big Beautiful Bill Act, after the US Senate voted to remove language that would have prohibited states from enforcing...more

Ballard Spahr LLP

Budget bill includes huge cuts to CFPB budget

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The budget bill signed by President Trump on July 4 will make massive cuts to the CFPB’s budget. The huge bill changes the amount that the CFPB may receive from the Federal Reserve from a maximum of 12% of the Fed’s...more

Eversheds Sutherland (US) LLP

Big Beautiful Bill remains beautiful for businesses

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law (the new law). The new law includes permanent extensions of three key business-favorable tax provisions from the 2017 Tax Cuts and Jobs Act...more

McDermott Will & Emery

The One Big Beautiful Bill Act: Navigating clean energy tax credits in a new era

On July 4, 2025, US President Donald Trump signed into law a budget reconciliation bill known as H.R.1: the One Big Beautiful Bill Act (OBBBA). The OBBBA generally accelerated phase-outs to the Inflation Reduction Act of 2022...more

Fisher Phillips

How Will Employers Be Impacted by the Big Beautiful Bill? A Recap of Key Workplace Provisions in The New Federal Budget

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Don’t have the energy to slog through the 1,127 (or so) pages of the legislative text, amendments, and explanatory materials that comprise the final version of the “Big Beautiful Bill” to see how it impacts labor and...more

Alston & Bird

Look Ahead to the Week of July 7, 2025: GOP Returns Triumphant Following Enactment of ‘Big, Beautiful’ Bill

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The Senate is in session this week, but the House was granted an unscheduled recess week after narrowly passing the One Big Beautiful Bill Act before July 4 (H.R. 1). President Trump signed the bill into law over the weekend,...more

Moore & Van Allen PLLC

H.R.1 - One Big Beautiful Bill Act

In Brief - - The Senate passed H.R. 1, as amended, 51-50 on July 1, 2025 (legislative day began on June 30, 2025). Vice President JD Vance broke the tie by voting for the measure and presiding over the closing of the vote....more

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