Tax insight

Impacts of H.R. 1, the “One Big Beautiful Bill Act” on energy, utilities, and resources companies

Insight
6 minute read
July 23, 2025

What happened?

H.R. 1, the “One Big Beautiful Bill Act” (Act), which was signed into law on July 4, would extend permanently, with modifications, certain tax provisions enacted as part of the 2017 tax cuts and jobs act (TCJA). The Act also includes some business tax relief measures and changes to certain Inflation Reduction Act (IRA) clean energy tax credits. See our Tax Insight, President Trump signs H.R. 1, the “One Big Beautiful Bill Act” for an overview of the tax provisions included in the Act.

Why is it relevant?

The Act contains significant tax law changes affecting taxpayers in the energy, utilities, and resources sectors with various effective dates, including some provisions with effective dates tied to the legislation’s July 4 date of enactment.

Action to consider 

Business leaders in the energy, utilities, and resources sectors should evaluate the potential effect of the tax law changes in the Act on their business operations and investments. Assessing the effects of the tax law changes should include not only the federal tax changes, but 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.