H.R. 1, P.L. 119-21, the law known as the One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025. Key international tax provisions from the 2017 Tax Cuts & Jobs Act (TCJA) were set to expire or result in higher effective tax rate increases at end of 2025; H.R. 1 reduces rates for several of the international tax provisions as well as permanently extended and reinstated others. This provides taxpayers some certainty to plan and forecast going forward.
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H.R. 1 international tax provisions one-pager
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