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The One Big Beautiful Bill Act (OBBBA): New Tax Laws for 2025 & Beyond

Marissa Klaers, CFP®
July 21st, 2025

Just before the July 4th holiday, Congress passed the One Big Beautiful Bill Act (OBBBA), a sweeping domestic policy bill with significant updates to U.S. tax law. This legislation extends key provisions included in the Tax Cuts and Jobs Act (TCJA) of 2017 that were set to expire and introduces new tax laws that apply to both individuals and businesses.1

Some of these changes are set to take effect this year, while others are scheduled to roll out in 2026. As with previous tax laws, certain provisions come with fixed expiration dates, while others are permanent.

Here’s a breakdown of five key tax changes that are introduced in the OBBBA:

OBBBA-Key-Tax-Changes

Additional Highlights

Beyond these individual tax updates, the bill introduces an updated child tax credit and new rules regarding taxes on tips, overtime pay, and auto loan interest. It also scales back or repeals many existing tax credits and deductions, such as those for green energy, electric vehicles (EVs), and health insurance premiums.3

For businesses, the law revises small business deductions and addresses the expensing of capital and manufacturing investments. Additionally, it strengthens regulations around tax-exempt provisions, such as unrelated business income.3

Planning Ahead

This legislation adds new complexity to the tax code, so the IRS has issued further guidance on how these new provisions will impact working Americans and seniors in 2025. I recommend consulting with your tax professional to understand how these updates may affect your specific tax situation.4

Planning ahead will help ensure that you are able to navigate these changes strategically and effectively. If you’d like to discuss any of the new provisions or their potential impact on your financial plan or tax strategy, feel free to reach out.

1 FoxBusiness.com, July 4, 2025. “Five major policies to know from the One Big Beautiful Bill Act.”

2 CNBC.com, July 3, 2025. “Tax changes under Trump’s ‘big beautiful bill’ — in one chart.”

3 TaxFoundation.org, July 2, 2025. “The Good, the Bad, and the Ugly in the One Big Beautiful Bill Act.”

4IRS.gov, July 14, 2024. “One Big Beautiful Bill Act: Tax deductions for working Americans and seniors”

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Learn more about Marissa Klaers, CFP®
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