‘One Big Beautiful Bill Act’ with tax provisions passes US House

The bill provides for retaliatory measures on certain non-US corporations and individuals if their home jurisdiction has adopted taxes deemed to be discriminatory or extraterritorial.

The United States (US) House of Representatives has passed H.R. 1, the budget reconciliation bill known as the 'One Big Beautiful Bill Act'. The largely party-line vote for passage was 215-214. The bill includes, with some amendments, the tax title previously approved by the Ways and Means Committee. That legislation would generally make the tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) permanent, as well as introducing several new tax benefits proposed by the president during the c...

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Authors: John Gimigliano

Published Date: 23 May 2025