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Cadwalader, Wickersham & Taft LLP

Wyden’s Partnership Tax Bills: A Mouthful and Then Some

On June 17, 2025, Senator Ron Wyden introduced two extensive partnership tax reform bills in the Senate (collectively, the “Bills,” and available here and here).  The Bills expanded upon and incorporated many of Wyden’s 2021...more

Jenner & Block

Client Alert: “Trump Accounts” – Tax-Advantaged Savings Accounts for Children

Jenner & Block on

On Friday, July 4, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (“Big Beautiful Bill”) after narrow approval from both houses of Congress. The legislation extends the Tax Cuts and Jobs Act and...more

Conn Maciel Carey LLP

The One Big Beautiful Bill’s Overtime and Tax Provisions – Employer Consequences

Conn Maciel Carey LLP on

As we await the House of Representatives’ vote on the One Big Beautiful Bill, let’s highlight two key provisions that may soon impact employers and employees alike. The Senate bill under consideration before the House of...more

Cadwalader, Wickersham & Taft LLP

Senate Passes Revised Budget Bill

On July 1, 2025, the Senate narrowly passed an amended FY 2025 budget bill that incorporates most of the House tax proposals, which we previously summarized here, but differs in various aspects.  The Senate bill will now...more

Cooley LLP

Treasury Department Asks Congress to Drop Proposed Legislation to Increase Tax Rates on Non-US Investors From Certain Countries

Cooley LLP on

On May 22, the US House of Representatives passed the “One Big Beautiful Bill Act” (OBBBA). Among other things, the House bill proposed to add Section 899 to the Internal Revenue Code, which would have increased US tax rates...more

Buckingham, Doolittle & Burroughs, LLC

Ohio Pending Budget Bill reduces individual income tax rates, eliminates sales tax exemptions, and extends business tax credits;...

The Ohio Budget Bill for FY 2026-27 (H.B. 96) was agreed to by the Ohio House and Senate in Conference Committee and now awaits Governor DeWine’s signature. Consistent with the direction commenced a few years ago, the Budget...more

Whiteford

Client Alert: The Senate’s Other Big Beautiful Bill – Notable Changes to the House Version

Whiteford on

The House of Representatives previously passed H.R. 1-119th Congress (2025-2026), titled the “One, Big, Beautiful Bill Act” (the “Act”), a budget bill that, among other things, addresses sunsetting provisions of the Tax Cuts...more

Cadwalader, Wickersham & Taft LLP

Quarter End Fireworks, June 2025 - In the News: (Potentially) Taking Revenge Through Tax

As we power through what remains of this quarter, working to get deals closed before quarter end next week, you may have noticed some additional (and new!) blacklining in the tax section of your credit agreement thanks to a...more

Eversheds Sutherland (US) LLP

Tax Bytes: Week of June 23, 2025

Welcome to this week’s edition of Tax Bytes. Our team of tax lawyers is actively monitoring for federal and international tax developments and issues of note. Each week we pull together the items we deem most important to...more

Cadwalader, Wickersham & Taft LLP

Taxpayers Worked Up About PTET Workarounds

The Senate’s version of the One Big Beautiful Bill Act (the “Act”) was released on June 16th, following the House’s passing of its version of the bill in late May. Among the many tax-related changes in both versions of the...more

Maynard Nexsen

Preparing for Potential Payroll Changes: What Employers Need to Know About the No Tax on Tips Act and OBBBA

Maynard Nexsen on

On May 20, 2025, the No Tax on Tips Act, a standalone bill that would effectively exempt up to $25,000 in tips from federal income tax for certain workers, passed by unanimous consent in the Senate. Shortly thereafter, on May...more

Troutman Pepper Locke

The One Big Beautiful Bill: Initial Analysis of Key Provisions for Investment Funds and Sponsors

Troutman Pepper Locke on

On May 22, 2025, the House of Representatives passed H.R. 1, the budget reconciliation bill known as the One Big Beautiful Bill Act (the Tax Bill). The Tax Bill proposes amendments to the Internal Revenue Code (the Code) that...more

Akerman LLP - SALT Insights

What’s Next for the Evolution of Public Law 86-272?

For over 65 years, Public Law 86-272 has dictated a state’s ability to assert income tax on an out-of-state business. While the 1959 federal law predated the emergence of e-commerce and digital services and could not have...more

Whiteford

Client Alert: Inside the One Big Beautiful Bill Crucial Tax Updates for Individuals, Business Owners, and Nonprofits

Whiteford on

On May 22, 2025, the House of Representatives passed H.R. 1-119th Congress (2025-2026), titled as the “One, Big, Beautiful Bill Act” (the “Act”), a budget bill that, among other things, addresses soon to sunset provisions of...more

Sheppard Mullin Richter & Hampton LLP

U.S. Budget Bill Targets Foreign Companies with New Tax Hikes: What French Businesses Need to Know

The One Big Beautiful Bill Act (OBBBA) was passed by the U.S. House of Representatives on May 22, 2025 by a narrow vote of 215-214. OBBBA includes a new U.S. tax provision that could significantly increase taxes on foreign...more

Miles & Stockbridge P.C.

For Whom the Tax Tolls: Maryland’s Budget Bill and Its Fiscal Effects

Maryland Gov. Wes Moore recently signed the $67 billion state budget for 2026 (HB 352) that will make significant changes to the state’s tax system. Among other changes, the budget bill notably establishes a new tax on IT...more

Seward & Kissel LLP

Proposed Tax on Certain Outbound Remittances

Seward & Kissel LLP on

In just under two weeks, the House of Representatives introduced, modified and passed the One Big, Beautiful Bill of 2025 (the “House Tax Bill”). This Memorandum addresses a new proposed tax on certain persons sending money...more

Proskauer - Tax Talks

Senator Tillis Introduced a Bill Taxing Proceeds of Litigation Financing Agreements

Proskauer - Tax Talks on

Senator Thom Tillis introduced a bill (called the “Tackling Predatory Litigation Funding Act”) that would impose additional significant taxes on litigation funding investments. Rep. Kevin Hern (R-OH) introduced a similar bill...more

Proskauer - Employee Benefits & Executive...

The One Big Beautiful Bill Act (Tax Reform): Employee Benefits and Executive Compensation Breakdown

On May 22, 2025, the House of Representatives passed legislation titled “The One Big Beautiful Bill Act” (the “House Bill”) (available here), which includes several tax reform provisions. The House Bill is now being...more

Fox Rothschild LLP

House and Senate Overtime and Tip Tax Proposals: What Employers Need to Know

Fox Rothschild LLP on

Competing House and Senate bills have the potential to reshape how the IRS taxes tips and overtime wages. The Senate recently passed the “No Tax on Tips Act” while the House budget reconciliation bill proposes deductions for...more

Sullivan & Worcester

How REITs are Impacted by the “One Big Beautiful Bill Act”

Sullivan & Worcester on

The U.S. House of Representatives, by a one-vote margin, passed the “One Big Beautiful Bill Act” (the “House Bill”) early in the morning on May 22, 2025. The House Bill has yet to be considered by the U.S. Senate and will...more

Cadwalader, Wickersham & Taft LLP

House Passes Major Tax Cuts in Budget Bill

On May 22, 2025, the House passed its FY 2025 budget bill, which includes substantial tax cuts. Following extensive negotiations in the House, legislators included last-minute amendments to the budget bill, which, among other...more

Jackson Lewis P.C.

How Will Federal Bills Eliminating Tax on Tips and Overtime Impact Employers?

Jackson Lewis P.C. on

Tax breaks on overtime pay and tipped earnings passed the House on May 22, 2025, as part of the “One Big Beautiful Bill Act” (H.R. 1). The tax deductions provided under the sprawling reconciliation bill would be temporary,...more

Proskauer - Tax Talks

One Big Beautiful Bill Passed by the House

Proskauer - Tax Talks on

On Thursday May 22, the House of Representatives passed the One Big Beautiful Bill Act (H.R. 1, hereafter the “Bill”). The Bill will now be considered by the U.S. Senate....more

Brooks Pierce

Brooks Pierce Capital Dispatch: House Passes Budget and New Helene Recovery Bill, Senate Confirms DIT Secretary

Brooks Pierce on

House Passes Budget Bill - The NC House on Thursday passed the biennial budget bill (S 257) by a vote of 86 to 20. The vote was bipartisan with 25 Democrats joining 61 Republicans in supporting the bill. This action...more

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