One Big Beautiful Bill Act Tax Proposals: Select Highlights and Implications

Summary

The US House of Representatives on May 22, 2025 passed the One Big Beautiful Bill Act (the Act), which includes a tax package that would extend certain provisions of the 2017 Tax Cuts and Jobs Act set to expire at the end of 2025 and introduces additional significant changes to current US federal tax law. In its current form, the Act would have meaningful economic consequences for a broad range of US market participants, including, in particular, those in the energy industry, the investment funds industry, the tax-exempt organization sector, and the sports industry. The Act is now under consideration by the US Senate. At this time, it is unclear what changes the US Senate may seek to make to the Act.