The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, is a major U.S. tax and spending reconciliation package that primarily makes permanent the individual income tax rate cuts, increased standard deduction, enhanced child tax credit, and other key provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that were otherwise set to expire after 2025; it also introduces temporary (mostly through 2028) deductions such as "no tax on tips," "no tax on overtime" pay (up to specified caps), car loan interest, and an extra senior deduction for those 65+, while raising the SALT deduction cap temporarily to $40,000 for certain taxpayers, reinstating 100% bonus depreciation permanently for qualifying property, allowing immediate expensing of domestic R&D, and phasing out various green energy tax credits from prior legislation.