The tax proposal originally offered by the US House of Representatives and the final version of the comprehensive budget reconciliation bill, the One Big Beautiful Bill Act, as developed in the Senate, contain some key differences. We outline certain of these differences between the two texts in a first-take summary.
The House passed its version of the Act on May 22, 2025 (the House Version), which we discussed in detail in our recent LawFlash. The enacted bill was passed first by the Senate on July 1, 2025, followed quickly by the House on July 3, 2025. A signing ceremony is scheduled for July 4.
Additional LawFlashes will follow that provide a more comprehensive analysis of the implications of the Act.
If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following:
*A solicitor of Morgan Lewis Stamford LLC, a Singapore law corporation affiliated with Morgan, Lewis & Bockius LLP