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Tax Deductions Budget Reconciliation Tax Reform

Brownstein Hyatt Farber Schreck

Taxation & Representation, July 2025 #2

Passthrough Deduction Eyed for Bigger Boost in Future Bill: House Republicans are weighing the possibility of a second major tax package following the recent enactment of their One, Big, Beautiful Bill Act (OBBBA, Public Law...more

Vinson & Elkins LLP

One Big Beautiful Bill Act: Key Tax Impacts for Businesses

Vinson & Elkins LLP on

On July 4, 2025, President Donald J. Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. Congress passed the OBBBA through budget reconciliation, a special legislative process that allows Congress to advance...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

Littler

Policy Week in Review – July 2025 #1

Littler on

“Big Beautiful” Reconciliation Bill Pending Final Passage in the House  Earlier this week, the U.S. Senate passed the reconciliation bill by a narrow vote of 51-50, with Vice President JD Vance casting the tie-breaking vote....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

The Senate Lowballs SALT Cap in Its Budget Bill

On June 16, 2025, the U.S. Senate released its version of the budget reconciliation bill (“Senate bill”), making several changes to the House-passed version from May 22, 2025 (“House bill”). One major difference is the cap on...more

Fenwick & West LLP

House Reconciliation Bill Would Restore Expensing for Domestic R&D Prospectively

Fenwick & West LLP on

On May 22, 2025, the U.S. House of Representatives passed a reconciliation bill (commonly referred to as the “One Big Beautiful Bill”), which would restore expensing for domestic research and development expenses incurred in...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

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

Littler

Policy Week in Review – May 2025 #3

Littler on

Supreme Court Allows Trump Firing of NLRB Member Wilcox - Late Thursday, the Supreme Court issued an order that essentially extends a previous order issued by Chief Justice John Roberts in April that barred National Labor...more

Frost Brown Todd

Three Tax Issues Manufacturers Should Watch in 2025 Budget Bill

Frost Brown Todd on

On May 13, the House Ways and Means Committee voted to approve a $3.8 trillion tax bill that would make permanent much of the 2017 Tax Cuts and Jobs Act. The bill then moved to the House Budget Committee, where it was merged...more

Eversheds Sutherland (US) LLP

House confirms favorable modifications to three key business tax provisions

On May 12, 2025, the Republicans on the House Committee on Ways and Means released a draft bill showing their tax plan for the budget reconciliation legislation. The legislation will likely undergo significant changes as it...more

Lippes Mathias LLP

Countdown to Tax Changes: Navigating Budget Reconciliation 2025

Lippes Mathias LLP on

As the clock ticks down to the end of 2025, the impending sunset of key provisions of the Tax Cuts and Jobs Act (“TCJA”) looms large, threatening tax hikes for millions of Americans. With Congress at a crossroads, the...more

Rivkin Radler LLP

Biden’s Proposed Income Tax Increases And The Sale Of The Baby Boomer Business

Rivkin Radler LLP on

“Yeah, I’m the Tax Man” Last week, several media outlets reported that Mr. Biden will soon propose that Congress increase the federal income tax rate applicable to long-term capital gains recognized by individual...more

Holland & Knight LLP

Private Equity and Other Carried Interest Funds - Federal Tax Policy Tip Sheet: Issue 1

Holland & Knight LLP on

The U.S. House of Representatives passed the Fiscal Year (FY) 2018 budget on Thursday, Oct. 26, 2017, clearing the congressional path for tax reform legislation and providing a procedural victory for President Donald Trump...more

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