Key takeaways
- This alert compares key tax provisions in the “One Big Beautiful Bill Act” passed by the Senate on July 1, 2025 against related provisions in the original bill passed by the House on May 22, 2025
- The Senate bill retains many provisions of the House bill but also introduces substantial changes
- The Senate bill has been sent to the House for further debate and possible modification
Introduction
On July 1, 2025, the Senate passed the “One Big Beautiful Bill Act” (the Senate Bill). The Senate Bill retains many provisions from the bill passed by the House of Representatives (the House Bill) but significantly modifies or eliminates others. The Senate Bill has been sent to the House of Representatives, where it may undergo additional modification. Accordingly, until a final bill is passed, there can be no assurance regarding the changes that will ultimately be enacted into law.
This alert compares certain key tax provisions of the Senate Bill and the House Bill relating to businesses, individuals, cross-border transactions and operations, tax-exempt organizations, energy-related tax credits, and trusts and estates.
To read the comparison, please download the PDF below.
Reed Smith In-depth 2025-177