Article: Understanding the Tax Provisions of the One Big Beautiful Bill Act

These materials summarize several of the key federal income, estate, and gift tax provisions in the OBBB Act. They focus only on the provisions set forth in Title VII of the Act, the provisions making changes to the Internal Revenue Code. Accordingly, there is no discussion herein of defense spending allocations, border security measures, the phaseout of clean energy credits, or spending cuts to Medicaid, the Supplemental Nutrition Assistance Program, or other federal programs. Further, these materials focus on provisions of interest to individuals and small businesses and thus do not address international tax reforms, energy tax incentive reforms, or so-called “health tax” reforms.