The One Big Beautiful Bill Act was signed into law on July 4, 2025, bringing with it significant changes to the U.S. tax code.

Some of the changes are effective immediately, while others take effect on January 1, 2026. 

Over the coming weeks, GFG will be sharing a series of posts that highlight key provisions of the Act, along with brief analytical insights.

These tax changes will impact individuals and businesses differently. While some may benefit from reduced taxes or expanded credits, others may see limited impact, or even increased tax liabilities or reduced benefits. The effect of these changes will vary based on each taxpayer’s unique situation.

If you have any questions about the updates we share, we’d be happy to hear from you.

Tax Areas Affected by the OBBB Act:

• Tax Rates and Returns
• Capital Gains Exclusions
• Standard Deduction, Exemptions and AGI
• Itemized Deductions
• Exclusions from Gross Income
• Savings Accounts
• Family-Related Credits
• Energy-Related Credits
• Investment Credits
• Employment-Related Credits
• Other Personal Credits
• Expensing, Deprecation & Amortization
• Trade & Business Expenses
• Other Business Provisions
• Reporting Requirements
• Tax-Exempts & Private Foundations
• Excise Tax