Today the House of Representatives agreed to the Senate-amended text of H.R. 1—the “One Big Beautiful Bill Act”—by a 218-214 vote. With this action Congress has now completed work on the 940-page package and dispatched it to the White House for signature, which Republican leaders expect by July 4. The bill makes the 2017 TCJA rate structure permanent, expands some credits, tightens or repeals others, and pairs deep social-program cuts with new defense and border spending. For businesses, individuals, and state governments, the measure resets the tax baseline for the next decade.
*Joint Committee on Taxation (JCT) estimate for Senate-passed text, now final.
New levy: 10 % surcharge on projects with > 40 % Chinese components placed in service after 31 Dec 2027.
(CBO/JCT scores as of 30 June 2025).
Pass-Through Owners – Maximize PTE tax elections while $40 k SALT cap is in force; reassess QBI vs. C-corp rates.
High-Net-Worth Estates – Use the $15 m indexed exemption for gifting, GRATs, and dynasty trusts.
Green-Energy Developers – Accelerate project timelines to secure remaining ITC/PTC; review supply chains to avoid the 2027 Chinese-content levy.
With House concurrence finished, H.R. 1 now awaits the President’s signature. Once signed, the permanent TCJA extensions, temporary SALT relief, estate-tax expansion, and clean-energy rollbacks become law reshaping tax strategy for years to come.
Advisors should watch IRS implementation guidance, effective-date nuances, and potential technical corrections that typically follow legislation of this size.