It’s official: President Trump has signed The One Big Beautiful Bill Act (OBBBA) into law. Major tax changes are now in effect.
We’ve got you covered, and sign up below for updates as they develop.
The One Big Beautiful Bill Act (OBBBA) Signed Into Law
07/04/2025 6:25 pm ET
We’ve been preparing for this moment and are already deep into our analysis of how these changes impact your specific situation.
Time is of the essence. Some provisions take effect immediately, while others are being phased in. Missing key deadlines or opportunities could cost you significantly.
We’re moving fast to protect you:
Our team is analyzing every provision and effective date
We’re identifying urgent action items that may require immediate attention
We’re preparing personalized recommendations for your situation
Critical webinar details coming soon – We’ll be hosting an exclusive session to walk you through everything you need to know. Look for an invitation coming soon.
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Don’t wait to get guidance – contact us today to discuss how these changes may impact your specific situation.
House Passes the “One Big Beautiful Bill Act”
07/03/2025 2:32 pm ET
This afternoon the House voted to approve legislation known as the “One Big Beautiful Bill Act” (OBBBA). President Trump is expected to sign the Bill into law in advance of his desired July 4th deadline to finalize the new legislation. The tax provisions of the OBBBA prevent large tax increases for both individuals and businesses that would have started next year when the 2017 Tax Cuts and Jobs Act expired. It also provides permanent tax breaks for businesses by extending some expired and partially expired provisions, and adds new tax breaks for tips, car loans, overtime work, seniors and parents. This comprehensive tax reform creates many planning opportunities.
Historic tax legislation is heading to the President’s desk. We’re breaking down exactly what this means for you and your business.
The following is a list of some of the OBBBA’s key tax provisions. HBK will be providing additional updates with in-depth analysis.
Individual Tax Provisions
Permanent extension and enhancement of the following TCJA tax provisions:
Reduced tax rates
Increased standard deduction
Increased child tax credit
Increased estate and gift tax exemptions
New tax relief including (all are subject to limitations):
Exempting tips from income
Exempting overtime pay from income
Making car loan interest deductible
New “Trump” tax deferred investment accounts
Business Tax Provisions
Full expensing for business property (100% bonus depreciation)
Full expensing and retroactive relief for research and experimental expenses
Loosens the limits on deductible business interest
Permanent extension of the qualified business income deduction
Special depreciation allowance for qualified production property
What This Means for You
The passage of the OBBBA creates significant tax planning opportunities. Some provisions take effect retroactively, and others could impact your tax strategy for the remainder of 2025 and beyond.
Don’t wait to understand how these changes affect your specific situation. The complexity of this legislation requires professional analysis to identify opportunities and ensure compliance. Contact our team immediately to discuss your personalized strategy for maximizing benefits under the new tax law.
Bill Passes Senate – Major Changes Coming
07/01/2025 12:30 pm ET
The Senate has just passed the (Formerly Titled) One Big Beautiful Bill – a sweeping piece of legislation that will significantly impact your taxes and financial planning. The bill is now moving to the House of Representatives for final consideration.
This is moving fast, and we’re monitoring every development to ensure you’re prepared for what’s coming. We won’t let you be caught off guard.
Stay Connected: Follow our LinkedIn page and sign up for real-time updates as this legislation progresses – we’re posting breaking news as it happens so you never miss a critical development.
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