Tax insight

International Insights from H.R. 1, the “One Big Beautiful Bill Act”

Insight
7 minute read
July 21, 2025

What happened?

President Trump signed H.R.1, the One Big Beautiful Bill Act (the Act), into law on July 4, 2025. The Act permanently extends various 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 also features certain individual and business tax relief proposals advanced by President Trump and other new tax relief measures.

This legislation comes at the same time as the announcement of a G7 agreement in principle limiting the application and impact of the OECD's Pillar Two Global Minimum Tax to US multinational companies.

For further details on the international provisions in the One Big Beautiful Bill Act join our Tax Readiness webcast on Wednesday, July 23^rd at 2pm est.