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What happened?
The House on July 3 voted 218 to 214 to pass the final version of H.R. 1, the “One Big Beautiful Bill Act.” The bill was approved with votes of nearly all House Republicans, except for two who voted against the bill along with all House Democrats. The House approved without change the bill as it was narrowly approved by a vote of 51 to 50 on July 1 in the Senate, with the tie-breaking vote of Vice President JD Vance.
Passage of H.R. 1 by both the House and Senate clears the way for President Trump to sign the legislation into law by the July 4 Independence Day federal holiday.
H.R. 1 as passed by the Congress would extend permanently, with modifications, individual, business, and international tax provisions enacted as part of the 2017 TCJA that currently are set to change at the end of this year. The bill features modified versions of individual and business tax relief proposals advanced by President Trump, and other new tax relief measures. In addition, the bill includes various revenue-raising measures, including changes to certain Inflation Reduction Act (IRA) clean energy tax credits and various limits on business and individual tax deductions, that are intended to offset part of the cost of the legislation.
In addition to significant tax law changes, the bill approved by Congress includes increased funding for immigration control and national defense, and spending reductions affecting Medicaid and a large number of other federal programs. The bill also includes a provision to increase the federal government’s current $36.1 trillion statutory debt limit by $5 trillion. The Congressional Budget Office has issued a preliminary report indicating that H.R. 1 will increase annual federal deficits by $3.4 trillion over the 2025‑2034 period under a current-law baseline.
Business leaders and individuals will need to evaluate the potential effect of H.R. 1 as passed by the Congress on the US economy, business operations and investments, and household finances.
For more information
Click below for the PwC Insight providing a detailed overview of the final version of H.R. 1 as passed by the Senate and now by the House.
Overview of Senate-passed version of H.R. 1, the “One Big Beautiful Bill Act”
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