07/08/2025

Trump Signs Sweeping OBBBA into Law

Here's what it could mean for you

On July 4, 2025, President Donald Trump signed into law the expansive "One, Big, Beautiful Bill Act" (OBBBA), a comprehensive piece of legislation totaling 870 pages.

True to his campaign promises, the tax-related provisions of the bill build on the foundation of the Tax Cuts and Jobs Act (TCJA) passed during his first term in 2017. The OBBBA not only extends many TCJA measures but also includes new initiatives championed by the president—though several are temporary—and reduces a range of tax incentives related to clean energy.

While the law makes permanent several key tax benefits, it also eliminates others, including some that were originally set to return after 2025. There is a summary of the most significant changes affecting both individual and business taxpayers. Unless otherwise noted, the new provisions take effect for tax years beginning in 2025.

Please select this link to read the complete article from OSAP Mission Partner Clark Schaefer Hackett (CSH).