everything you need to know: One Big Beautiful Bill Act

Detailed summaries of tax changes for businesses and individuals 

big beautiful bill

ONE bIG bEAUTIFUL BILL ACT

Final tax provisions announced 

With the passage of the One Big Beautiful Bill Act, which was signed into law by President Trump on July 4, many provisions within the tax code have changed. Below are summaries of key tax provisions we believe will be of most interest to you and your business.  More information is on the way regarding these changes. Bookmark this page and check back to view new content as it is added.

Business Tax Provisions

Individual Tax Provisions

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one big beautiful bill

Below is a timeline highlighting key legislative milestones for the One Big Beautiful Bill Act.

Date

Event

December 2024

President-elect Trump meets with Senate Republicans to push for a single, sweeping bill to enact his second-term agenda.

January 2025

GOP leadership agrees to use the budget reconciliation process to bypass the Senate filibuster.

May 16, 2025

Bill introduced in the House as H.R.1 by Rep. Jodey Arrington (R-TX).

May 18, 2025

Passed by House Budget Committee (17–16 vote).

May 22, 2025

Passed in the House (215–214–1 vote).

July 1, 2025

Passed in the Senate (51–50 vote), with Vice President JD Vance casting the tie-breaking vote.

July 3, 2025

House agrees to Senate amendments (218–214 vote).

July 4, 2025

Signed into law by President Trump during a Fourth of July event at the White House.

We highly recommend you contact a member of the Larson & Company tax team to discuss the aspects of these provisions that apply directly to you to ensure you have the most applicable information for your situation. 

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