President Trump Signs the One Big Beautiful Bill

On Friday, July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law, cementing many key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) well ahead of their scheduled expiration. The sweeping Republican tax legislation, which passed narrowly in the House after clearing the Senate, permanently reduces individual tax rates, expands the standard deduction, boosts the child tax credit, and raises the estate tax exemption.

The law also locks in major business tax benefits, including full expensing of domestic R&D expenses, 100% bonus depreciation, and the 20% deduction for qualified business income. The cap on the state and local tax (SALT) deduction will rise to $40,000 through 2029, before reverting to $10,000 in 2030. 

Additional provisions offer new tax relief for tip income, overtime pay, and auto loan interest. Energy tax incentives introduced by the Inflation Reduction Act are rolled back, with President Trump vowing to eliminate them entirely through executive action. The legislation also introduces a $1,000 “Trump account” for children born between 2025 and 2028, imposes higher international tax rates, and delivers targeted benefits to the oil, gas, and real estate sectors.

Several provisions include income thresholds, phase-out levels and adjust for inflation; other provisions are made permanent or revert at some point into the future.  Effective dates on some are current year 2025 while others may be retroactive with specific rules.

This bill is estimated at over 1,000 pages with hundreds of tax provisions!  As our team deciphers the specifics, follow MRPR for further updates regarding the One Big Beautiful Bill.

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