#OneBigBeautifulBill The One Big Beautiful Bill Act (OBBBA) has been signed into law by] President Trump on July 4, 2025. Here's a breakdown of the updates:
- *Key Provisions:*
- *Tax Changes*: The bill prevents large tax increases for individuals and businesses that would have started next year when the 2017 Tax Cuts and Jobs Act expired.
- *Solar Tax Credit*: The 30% consumer solar tax credit (25D) will terminate at the end of 2025. Homeowners need to install solar and/or battery systems by December 31, 2025, to qualify for this credit.
- *Depreciation*: The bill includes 100% bonus depreciation, which could put more money back in your pocket. For example, with a 37% marginal tax bracket, this could mean $55,500 back in your pocket versus $24,000.
- *Legislative Progress:*
- *Senate Vote*: The Senate passed the bill on July 1, 2025, with a 51-50 vote, thanks to Vice President JD Vance's tie-breaking vote.
- *House Vote*: The House of Representatives passed the bill on July 3, 2025, with a 218-214 vote.
- *Impact:*
- *Economic Growth*: According to the Tax Foundation, the tax provisions in the bill are expected to increase long-run GDP by 0.8% and reduce federal tax revenue by $4.0 trillion from 2025 through 2034.
- *Criticism*: Some critics, like Bernie Sanders and Larry Summers, have slammed the bill as a gift for billionaires, warning it could explode the deficit and make the rich richer.
