News & Analysis as of

Trump Administration Federal Budget

Jones Day

New "Beginning of Construction" Guidelines Issued for Wind and Solar Tax Credits

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The Internal Revenue Service ("IRS") has issued Notice 2025-42 to implement the One Big Beautiful Bill Act ("OBBBA") mandate to phase out the clean electricity production tax credit (§ 45Y) and investment tax credit (§ 48E)...more

Troutman Pepper Locke

IRS Issues Beginning of Construction Guidance in Response to July Executive Order

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On August 15, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2025-42, which provides guidance on the beginning of construction requirement as it relates to the new credit termination...more

Fisher Phillips

How Will Non-Profits Be Impacted by the Big Beautiful Bill? Your Guide to Key Changes Affecting Charitable Giving, Excise Taxes,...

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President Donald Trump signed a massive budget bill last month – the “One Big Beautiful Bill Act” (OBBBA) – and it significantly impacts non-profits and tax-exempt organizations. While some of the new changes may be...more

Troutman Pepper Locke

Colorado August Special Session Will Address Colorado AI Act

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Key point: Colorado lawmakers will have another opportunity to amend the Colorado AI Act. ...more

Pullman & Comley, LLC

Overview of the Tax Provisions in the One Big Beautiful Bill Act

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On July 4, 2025,, the One Big Beautiful Bill Act (OBBBA) became law.  The Act itself was almost 1,000 pages.  It made many of the provisions of the 2017 Tax Cuts and Jobs Act permanent and included new federal tax provisions....more

Jones Day

One Big Beautiful Bill Act— Impact on Energy Tax Credits

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The One Big Beautiful Bill Act (the “OBBBA”), which was passed on July 4, 2025, included several changes to the energy tax credits introduced and expanded by the Inflation Reduction Act of 2022 (the “IRA”). The key changes to...more

Ballard Spahr LLP

Housing Industry Update 2025 - Mid-Year Report

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Across the United States, empty office buildings have become a common sight. According to Moody’s Analytics, office vacancies are at their highest since the 1990s. The COVID hangover has left us with an abundance of vacant or...more

Foley Hoag LLP

Sweeping Changes in Store for Federal Healthcare Programs After the Enactment of the "One Big Beautiful Bill Act"

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Key Takeaways: - The One Big Beautiful Bill Act will create a sea change in the healthcare landscape. - This law will make significant changes to federal healthcare programs, especially Medicaid’s financing and eligibility...more

Fisher Phillips

Chemical Safety Board Likely to Shut Down – What Employers Need to Know

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The Trump Administration has allocated no money to fund the Chemical Safety Hazard Investigation Board (CSB) for fiscal year 2026, directing the agency to use its emergency funds to shutter its doors by the end of fiscal year...more

Cozen O'Connor

Illinois Insights: An update from Cozen O'Connor (7/30)

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Pritzker says Illinois working to soften impact of SNAP cuts imposed by Trump - “Gov. JB Pritzker spoke at an East St. Louis food shelter on Tuesday to talk about his administration’s plans to alleviate the impact spending...more

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

Buckingham, Doolittle & Burroughs, LLC

The Big Beautiful SALT Deduction – How the increased SALT cap will impact business owners

On July 4, 2025, President Donald Trump signed the reconciliation bill, known as the “Big Beautiful Bill” (“BBB”), which covered many of his campaign promises. This reconciliation, centering upon extensions to the Tax Cuts...more

Brownstein Hyatt Farber Schreck

Federal Budget Reconciliation and Oversight: The Impacts on Higher Education

The One Big Beautiful Bill Act (OBBBA) passed the House and Senate and was subsequently signed into law by President Donald Trump on July 4....more

McDermott Will & Schulte

OBBBA’s impact on employee benefit plans, programs, and arrangements

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. This sweeping tax and spending package affects large swaths of the US economy. Though reduced significantly from the original House...more

Alston & Bird

Look Ahead to the Week of July 28, 2025: Senate Continues Appropriations Efforts for 2026 Fiscal Year

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The House has already begun its August recess, but the Senate remains in session for one more week. However, President Trump has continued pressuring the Senate to cancel August recess in a bid to advance additional...more

Akin Gump Strauss Hauer & Feld LLP

Space Law,Regulation and Policy Update - July 2025

Good Afternoon! It’s been a busy two weeks across the space industry. Despite recent headlines, it looks like the throttles are all the way forward for space business. The Space Foundation reported that the global space...more

Foley Hoag LLP

Tax Benefits of QSBS Expanded under the “One Big Beautiful Bill Act”

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Key Takeaways: - On July 4, 2025, “The One Big Beautiful Bill Act” (the “Act”) was signed into law, introducing significant expansions of the tax benefits of “qualified small business stock” (“QSBS”) issued on or after July...more

Bradley Arant Boult Cummings LLP

Employee Benefits Under the One Big Beautiful Bill Act: What Employers Need to Know

On July 4, 2025, President Trump signed into law the “One Big Beautiful Bill” Act (OBBB), a sweeping piece of legislation that significantly reshapes the landscape of tax policy and public health coverage. While the bill’s...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...

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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

Bradley Arant Boult Cummings LLP

Reefer Madness: Congressional Proposal Would Keep Marijuana Schedule I, Prevent Most Prosecutions of Marijuana Use

What. Are. We. Doing. Here? The latest from Capitol Hill is a doozy: A congressional committee has approved a spending bill that contains provisions to block the Justice Department from rescheduling marijuana. The...more

Cozen O'Connor

Cozen Currents: GOP and Democrats Are Both in Your Debt (Literally)

Cozen O'Connor on

The Cozen Lens - • The federal debt has grown dramatically in recent years, with both parties pursuing significant deficit spending, the impacts of which will likely not be fully clear for several years. • President Donald...more

Alston & Bird

Look Ahead to the Week of July 21, 2025: Turning to Fiscal Year 2026 Spending Bills

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The House and Senate are in session this week, with both chambers set to recess in the coming weeks for the entire month of August. However, President Trump has called on Congress to cancel August recess in a bid to advance...more

Troutman Pepper Locke

The OBBB Renews and Makes Permanent Qualified Opportunity Funds

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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

Jones Day

Qualified Small Business Stock Benefits Expanded in New Tax Bill

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The One Big Beautiful Bill Act expands the qualified small business stock benefits available to founders and investors....more

Parker Poe Adams & Bernstein LLP

Trump Administration Proposes Eliminating Funding for Chemical Safety Board

In its released budget proposal for fiscal year 2026, the Trump administration plans to zero out funding for the U.S. Chemical Safety and Hazard Investigation Board (commonly abbreviated as CSB)....more

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