key provisions

The One, Big, Beautiful Bill Act significantly affects federal taxes, credits and deductions. It was signed into law on July 4, 2025, as Public Law 119-21.
View tax provisions affecting individuals and workers in the One, Big, Beautiful Bill .
Overview of Trump Accounts
Withdrawal and use
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Overview of the change
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Overview of changes and benefits
Telehealth and remote care services
Expanded eligibility for bronze and catastrophic plans
Direct primary care arrangements
Call for comments
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Overview of changes
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Transition relief overview
IRS provides transitional relief for tax year 2025 for lenders and other recipients of qualified interest who must file information returns with the IRS and provide statements to borrowers showing the total amount of interest received on qualified passenger vehicle loans and other relevant information.
How the relief applies for 2025
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Overview of changes
Qualified Production Property deduction allows businesses to write off the cost of certain property more quickly.
Deduction percentage
For most qualifying business property bought and put into use after Jan. 19, 2025, businesses can now deduct 100 percent of the cost in the first year. This means they do not have to spread the deduction over several years.
Who this helps
This change mainly helps businesses that buy things like:
Current guidance
Until official regulations are issued, taxpayers may follow existing depreciation rules with updated dates and percentages based on this new law.
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Overview of changes to Third Party Network Transactions
Proposed regulations were published to explain when backup withholding applies to certain payments made through third-party payment platforms.
Definition
Backup withholding is a tax that may be withheld from a payment when certain reporting rules apply.
Who this affects
Key change to the threshold
Under the updated law, backup withholding generally applies only when both of the following are true in a calendar year:
This replaces the lower $600 threshold that had been scheduled under prior law.
What this means for sellers
If you receive payments through a third-party platform and do not exceed both limits, your payments generally will not trigger backup withholding under these proposed rules.
This change may reduce withholding for individuals and small businesses with lower payment volumes.
What this means for payment platforms
Third-party platforms must:
Call for comments
The IRS is accepting public comments through regulations.gov before issuing final regulations.
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Overview of the limitation
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Overview of credit expirations
The Act accelerates the end of several clean vehicle credits:
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Overview of credit expirations
The Act accelerates the end of the following home and residential energy credits:
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Overview
Under the One, Big, Beautiful Bill, electricity-producing qualified facilities, energy storage technologies, or eligible components receiving material assistance from a prohibited foreign entity (PFE) would be ineligible for certain energy tax credits.
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Overview of the new guidance
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The One Big Beautiful Bill brings significant changes to the Section 45Z Clean Fuel Production Credit.
Key Takeaways:
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Overview of Opportunity Zones
Rural area definition under the One, Big, Beautiful Bill Act
Changes to substantial improvement requirements
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Overview of the tax benefit
Who qualifies
The benefit is available to qualified lenders, which generally include:
What counts as a qualified loan
To qualify for the tax benefit, a loan must:
The guidance also explains how refinanced loans and property value limits are handled.
Call for comments
The IRS is requesting public comments on this guidance through www.regulations.gov or by mail. Final regulations will be issued after the comment period.
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Overview of the tax benefit
Definition of qualified farmland property
Definition of qualified farmer
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Overview of the change
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Overview of the federal scholarship tax credit (FSTC)
Important details
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Overview of the tax benefit
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Overview of the new claim
The Act creates a claim for payment, without interest, equal to the federal excise tax previously paid on clear diesel fuel or kerosene that is later indelibly dyed and removed at a terminal for a nontaxable use.
Claim requirements
Applies to eligible dyed diesel fuel and kerosene removed on or after Dec. 31, 2025.
Eligible fuel includes:
Important details
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Overview of the excise tax
Beginning Jan. 1, 2026, remittance transfer providers must:
Important details
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