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New Legislation Federal Budget Tax Liability

Haynes Boone

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

Haynes Boone on

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

Troutman Pepper Locke

The One Big Beautiful Bill Act: Analysis of Key Amendments to the Excise Tax Imposed on Certain Private College and University...

Troutman Pepper Locke on

On July 4, 2025, President Donald Trump signed H.R. 1 into law, the budget reconciliation bill known as the One Big Beautiful Bill Act (the BBB). This legislation includes significant amendments to the excise tax imposed on...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

McDermott Will & Schulte

One Big Beautiful Bill Act Has Many Impacts for Nonprofit Health Systems

The US House of Representatives passed its One Big Beautiful Bill Act on May 22, 2025 (the Act), but nonprofit health systems may not find much about the Act that’s attractive. If passed by the US Senate and signed into law,...more

Eversheds Sutherland (US) LLP

The One Big Beautiful Bill’s impact on investments in BDCs

On May 14, 2025, the House Ways and Means Committee approved the so-called “One Big Beautiful Bill” (Bill). We have issued several other alerts regarding the Bill. Among other tax provisions, the Bill includes two provisions...more

Kohrman Jackson & Krantz LLP

Baselines and the Bottom Line: How Congress’s Choice Could Determine the Fate of the Estate Tax Exemption

As lawmakers advance toward the critical 2025 tax cliff, a key—and increasingly contentious—policy question is coming into sharper focus: What should Congress assume about the future when it scores the cost of extending the...more

Proskauer Rose LLP

Partnership-Level Tax Under New Audit Rules

Proskauer Rose LLP on

The Bipartisan Budget Act of 2015, signed into law on November 2, 2015, has significantly changed the partnership tax audit rules, effective for tax years beginning after December 31, 2017. Under the current partnership...more

Morgan Lewis

New Legislation Makes Sweeping Changes Impacting All Partnerships

Morgan Lewis on

All partnerships will be audited at the entity level unless they have 100 or fewer partners AND no partnerships as direct partners. The two-year budget plan passed by Congress on October 30, 2015, and expected to be...more

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