Breaking News – July 3, 2025
Today, the House passed the Senate’s version of the “One Big Beautiful Bill Act” (OBBBA), marking a significant overhaul to federal tax policy. The signing reflects a major pivot in legislative priorities toward domestic production and pro-business tax policy.
The new law restores 100% bonus depreciation, reinstates immediate expensing for U.S.-based R&D, terminates dozens of Inflation Reduction Act (IRA) clean energy programs, and permanently extends individual tax cuts. It also introduces fresh incentives for middle-class families and manufacturers with details outlined below.