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What happened?
President Trump signed Public Law No: 119-21, the One Big Beautiful Bill Act (the Act) into law on July 4, which marks the date of enactment for the tax provisions included in the Act. In addition, the Act increased by $5 trillion the federal government’s previous $36.1 trillion statutory debt limit.
Below is an overview of major tax provisions in the Act that have an impact in the Financial Services industry.
Why is it important?
The Act extends permanently, with modifications, certain individual, business, and international tax provisions enacted as part of the 2017 TCJA that were set to change at the end of this year. The Act features modified versions of individual and business tax relief proposals advanced by President Trump, and other new tax relief measures. In addition, it includes various revenue-raising measures, including changes to certain Inflation Reduction Act (IRA) clean energy tax credits and various limits on business and individual tax deductions, that are intended to offset part of the cost of the legislation.
Of note, the Act does not include the House-proposed Section 899 to address countries with “unfair” foreign taxes, changes to the pass-through entity tax (PTET) provisions, provisions relating to litigation financing, or carried interest.
Actions to consider
Business leaders and individuals should evaluate the effect of the tax law changes in the Act. Assessing the effects of the tax law changes will need to include not only the federal tax changes but should take into account any state tax, tax accounting and other related implications. Taxpayers also may want to consider communicating with Treasury regarding identified issues as guidance for provisions included in the Act begins to be developed.
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Impact of OBBBA on Asset and Wealth Management
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Watch sector-specific implications
7:15
Impact of OBBBA on Asset and Wealth Management
5:19
Impact of OBBBA on Banking and Capital Markets
5:45
Impact of OBBBA on Real Estate
5:23
Impact of OBBBA on Insurance
6:56
Impact of OBBBA on State and local tax
8:32
Impact on Global Structuring Financial Services
Impact of the “One Big Beautiful Bill Act” on Financial Services industry
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