05/30/2025

“The One, Big, Beautiful Bill Act”

Clark Schaefer Hackett explains key tax provisions

In a narrow 215–214 vote, the U.S. House of Representatives passed a sweeping tax and spending bill, formally titled "The One, Big, Beautiful Bill Act (OBBBA)". The legislation aims to extend key provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire at year-end, while also introducing several new tax breaks. Among the most headline-grabbing changes are exemptions from income tax on tips and overtime, a central promise from President Donald Trump’s campaign platform.

The bill now heads to the Senate, where lawmakers are expected to revise it. Some senators have already expressed opposition to specific provisions, signaling that substantive amendments may be necessary before a final vote.

Here's a closer look at the bill’s major tax provisions, beginning with those affecting businesses.

Please select this link to read the complete article from OSAP Mission Partner Clark Schaefer Hackett (CSH).