In the Eyes of the Beholder: The “One, Big, Beautiful Bill Act”

Working with the Energy and Commerce and the Agriculture Committees, the U.S. House of Representatives’ Ways and Means Committee advanced its portion of the “One, Big, Beautiful Bill Act”  on May 15.  The Energy and Commerce and Agriculture Committees have done the same. The House Budget Committee, initially voted down the bill by a vote of 21-16, but passed the bill the next day by a vote of 17-16. The House Rules Committee then began its review of the bill on May 21 (beginning at 1 a.m. ET).  House Speaker Mike Johnson has a goal of passing the bill in the House by Memorial Day (May 26) and sending it to President Trump by July 4, 2025. At the time of writing this newsletter, the Rules Committee is still deliberating. Set an alert on the Federal Tax Legislation Tracker (2025) to stay up to date on the bill’s progress.

Read now »

Related Content

• Federal Tax Legislation, "The One, Big, Beautiful Bill" Client Alert Digest
  As of mid-May 2025, committees of the House of Representatives are actively deliberating President Trump's sweeping legislative proposal known as "The One, Big, Beautiful Bill." This nearly 1100-page bill (at present) encompasses extensive tax reforms, significant spending cuts, and a range of policy changes that will reshape the U.S. economic landscape and increase the federal deficit by about $3.8 trillion.

Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.   

• Tax Key Legal Developments Tracker (Federal) (Current)—keep up to date with key legal developments!
  • Tax Legislation. The Ways and Means Committee advanced its portion of the new legislation, in a 26-19 vote. After approval by the Budget Committee (in a second vote) the bill went to the Rules Committee. One Big Beautiful Bill Act (May 19, 2025, Rules Committee version). Federal Tax Legislation Tracker (2025).
  • Business Entities. IRS provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate as prescribed by I.R.C. § 1274. Rul. 2025-10.
  • Tax Practice, Procedure, and Controversy. IRS publishes rates of interest with regard to tax underpayments and tax overpayments for the calendar quarter beginning July 1, 2025. The rates of interest will remain the same for the third calendar quarter of 2025: 7% for overpayments (6% for corporations); 4.5% for the portion of a corporate overpayment exceeding $10,000; 7% for underpayments; and 9% for large corporate underpayments. Rul. 2025-11.
  • Tax Practice, Procedure, and Controversy. The Treasury Inspector General for Tax Administration released a report(May 2, 2025) on the IRS’ efforts to reduce its workforce through the deferred resignation program (DRP) and probationary employee terminations. As of March 2025, more than 11,000 IRS employees were either approved for the DRP or received termination notices during their probationary employment period. Treasury Inspector General report on IRS workforce reductions.
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
• New! Discover Practical Guidance Content and Resources
  Read  this update to see the newest additions to Practical Guidance. This guide is designed to help you find the tools and insights you need to work more efficiently and effectively.
• Federal Tax Legislation Tracker (2025)
  Markup of the latest tax bill began in the House Ways and Means Committee’s portion of the budget reconciliation bill the week of May 12. See Joint Committee on Taxation, JCX-18-25.
• Keep current on Trump administration developments by referencing the Presidential Executive Actions Tracker, Legal Challenges to 2025 Presidential Executive Orders and Actions Tracker, and Trump Transition Resource Kit.
• New! Practical Guidance Journal, 2025 Second Edition features guidance for regulating AI in the workplace in 2025, Intellectual Property issues related to deepfakes, the emergence of AI in mergers and acquisitions, and a checklist to help when evaluating AI technology risks.
• Browse the Practical Guidance Author Center to see the 2600+ leading attorney authors contributing to our 26 practice areas. Interested in becoming a Practical Guidance author? Click here for details. Practical Guidance is committed to amplifying diverse voices of attorneys across all differences, including gender and race.   
• Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content. 

• New and Recently Updated Practical Guidance Content
  • IRS Tax Collections
  • Expatriation Tax: The Tax Consequences of Renouncing U.S. Citizenship
  • Private Activity Bonds and Exempt Facility Bond Qualifications: I.R.C. Section 142
  • Qualified Bond Issues in Public Finance: IRC Section 144
  • Multistate Corporate Audit Issues State Law Survey
  • Corporate Franchise Taxes State Law Survey
  • Telecommunications Taxes State Law Survey

PRACTICAL GUIDANCE CUSTOMER EMAIL EDITION ON THE WEB

Experience results today with practical guidance, legal research, and data-driven insights—all in one place.

Experience Lexis+