The House on Thursday, July 3, passed the Senate’s version of the "One Big Beautiful Bill Act," sending it to President Donald Trump for his signature.
The House vote was 218–214. The Senate approved the measure Tuesday by a 51-50 vote, with Vice President JD Vance casting the tie-breaking vote. The bill extends many of the expiring provisions from the Tax Cuts and Jobs Act (TCJA).
It also addresses other tax priorities of the Trump administration, including providing deductions to eliminate income taxes on certain tips and overtime pay.
The bill also revamps some of the TCJA’s provisions on the taxation of corporations’ foreign income and terminates a large number of clean energy tax incentives. Read more.