House passes H.R. 1, the “One Big Beautiful Bill Act”
The House of Representatives passed H.R. 1, known as the “One Big Beautiful Bill Act,” on May 22, 2025, with a narrow vote of 215 to 214.
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US–China trade developments bring short-term tariff relief
The trade agreement between the US and China has led to a reduction in tariffs, easing tensions and paving the way for future negotiations.
New York budget enacted, addresses partnership audit adjustments
New York Governor Kathy Hochul (D) on May 9 signed a final revenue bill, A. 3009-C, as part of the state’s FY 26 budget.
US state income tax digest - May 2025
The US state income tax digest highlights significant income and business tax legislation, regulatory adoptions, judicial decisions, and administrative guidance.
Indirect Tax Digest - May 2025
The US Indirect Tax Digest highlights significant sales and use tax legislative enactments, regulatory adoptions, judicial decisions, and administrative guidance.
Ways and Means approves FY 2025 tax bill
We provide a detailed overview of the proposed tax law changes approved by the House Ways and Means Committee, with an estimated net cost of $3.8 trillion over 10 years.
Ways and Means Chairman Smith proposes revised FY 2025 tax bill for committee action
On May 12, 2025, House Ways and Means Committee Chairman Jason Smith introduced a revised tax bill comprising 389 pages for committee review.
Ways and Means Chairman Smith releases initial FY 2025 tax bill text
On May 9, 2025, House Ways and Means Committee Chairman Jason Smith released an initial 28-page proposal for the FY 2025 tax bill.
US reciprocal and current tariffs: Potential impact for the Private Equity industry
PwC's Tariff Industry Analysis examines President Trump's reciprocal and current tariffs and the potential impact on the Private Equity industry.
US reciprocal and current tariffs: Potential impact for the Technology, Media, and Telecommunications industry
PwC's Tariff Industry Analysis examines President Trump's reciprocal and current tariffs and the potential impact on the Technology, Media, and Telecommunications industry.
US reciprocal and current tariffs: Potential impact for the Automotive industry
PwC's Tariff Industry Analysis examines President Trump's reciprocal and current tariffs and their potential impact on the automotive industry.
US reciprocal and current tariffs: Potential impact for the Industrial Products and Manufacturing industry
PwC's Tariff Industry Analysis examines President Trump's reciprocal and current tariffs and the potential impact on the Industrial Products and Manufacturing industry.
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