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Now that the budget reconciliation bill (PL 119-21) is law, attention turns to implementation, and business has a role to play. While much of the bill was devoted to extending expiring provisions of the Tax Cuts and Jobs Act, several of President Trump’s campaign priorities, such as incentives for certain manufacturing and no tax on tips and overtime, were included. Accelerated phaseouts, repeal of, and new restrictions on, the Inflation Reduction Act’s clean energy tax credits are also part of the final legislation.
Engagement is key
Businesses will want to remain engaged and consider providing input as the US Treasury Department begins developing implementation guidance. By staying informed and actively involved, businesses can help shape the narrative and work to position their organizations for success in 2025 and beyond.
Executive authority to modify tariff rates, impose trade remedies
Trade policy remains a focus of the administration. The executive branch has wide-ranging authority to adjust tariff levels and impose new tariffs without approval from Congress. Under many of these authorities, the investigative processes that underlie tariff changes can be expedited, and tariffs can be imposed quickly.
TradeWatch Global Insights
In this first issue of the year, we look at how the global trade landscape is shifting due to the US new foreign trade policy, which includes increased tariffs on key imports. This has prompted retaliatory measures from affected nations, signaling a potential departure from the era of free trade.
While protectionism is on the rise, this period may also offer a chance to renegotiate trade agreements for greater equity. The responses to these tariffs will shape the future of international commerce for years to come.
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Quantitative Economics and Statistics
QUEST offers rigorous research, economic consulting, statistical consulting and survey design services to help businesses make key data-driven decisions across a broad range of issues.
Washington Council Ernst & Young
Washington Council Ernst & Young offers clients timely, relevant Washington insights, tailored to their needs.
Sustainability tax
With urgent environmental and social action needed from business, the tax function has never had a more critical role in accelerating sustainability strategy and building long-term value.
Our latest thinking
Final budget bill makes changes to BEAT, FDII and GILTI
H.R. 1 updates international tax rules, including changes to GILTI, FDII, and BEAT, impacting US and foreign taxpayers’ planning and compliance.
White House recommends action on digital asset transaction reporting
New White House recommendations could alter digital asset tax reporting with CARF adoption, wash sale rules, and updated broker requirements.
5% safe harbor for wind and solar project construction eliminated
IRS Notice 2025-42 updates wind and solar tax credit rules, eliminating the 5% safe harbor and requiring physical work to begin construction.
Final reconciliation bill changes passthrough entity provisions
The 2025 budget bill changes tax rules for pass-through entities, including real estate, depreciation, and business interest deductions.
State income taxes affected by final federal reconciliation bill
Final federal tax bill brings major state income tax changes. Businesses and lawmakers must assess conformity and fiscal impacts.
Why planning is essential in a tariff-driven economy
Discover why planning is vital in a tariff-driven economy and how businesses can navigate trade challenges with strategy, compliance and foresight.
Reconciliation bill includes notable compensation and benefits changes
FY25 tax law introduces deductions for tips and overtime, modifies executive pay rules, and updates tax treatment of employee benefits.
How oil & gas and chemicals can steer through shifting trade winds
Explore strategies for managing trade challenges in oil & gas and chemicals. Enhance your approach to trade policy adaptation.
Final reconciliation bill offers benefits for oil and gas industry
H.R. 1 updates for oil & gas: changes to leasing, royalties, bonus depreciation, carbon credits, and tax provisions.
H.R.1 legislation and impacts to utilities, renewables and generation
In this webcast, EY speakers discuss the effects of H.R. 1 and what the legislation means for power and utilities, renewables and electric vehicles.
Draft list of occupations that qualify for new tip deduction released
Treasury releases preliminary list of occupations eligible for the new federal tip deduction under OBBBA, effective for tax years 2025–2028.
September 30 funding deadline looms as Congress returns to session
Fall 2025 Washington outlook: government funding, tax policy, health care, trade, and financial services shaping year-end legislation.
Real estate sector outlook - Key impacts of H.R. 1, the ‘One Big Beautiful Bill Act’
Insights from the EY Center for Tax Policy
How businesses can thrive under the Trump Administration’s evolving trade policies
Insights from the EY Center for Tax Policy
H.R. 1: Legislative update and outlook for oil and gas and chemicals
In this webcast, EY panelists discuss the effects of HR 1 and what the legislation means for the oil and gas industry.
A boom for US manufacturing, setbacks for clean energy
New tax law boosts US manufacturing, hinders clean energy sector.
The 'One Big Beautiful Bill Act': key international tax provisions
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Tax in a time of transition (July 18, 2025)
In this webcast, panelists discuss the US economy and tax policy, what’s happening at the IRS and breaking developments.
Tax in a time of transition (August 15, 2025)
In this webcast, panelists discuss the US economy and tax policy, what’s happening at the IRS and breaking developments.
The federal budget reconciliation bill: state tax considerations
In this webcast, panelists discuss the state and local implications of the final provisions of the federal legislation and what actions businesses should consider going forward.
The final reconciliation bill: key tax provisions and business implications
Insights from the Center for Tax Policy.
Looking ahead as Trump policies come into sharper focus
How Tax policy will shift with the Trump administration. The focus will be on smaller government and less regulations.
Key insights from the Business Tax Policy Barometer for May 2025
This 24th Barometer tracks the views reported from April 21, 2025, through May 7, 2025, and assesses perceptions on issues such as the US economic outlook, tariffs, and the Tax Cuts and Jobs Act (TCJA) cliff and President Trump’s tax provisions.
Seven key issues from President Trump’s first 100 days and what’s next
The public policy landscape in 2025 and beyond remains poised for considerable change. Read now for themes from the Trump administration’s first 100 days.
The impact of tariffs and transfer pricing on global trade
Interdependencies between customs duties, tariffs, and transfer pricing can have significant effects on businesses' supply chains.
President Trump announces reciprocal tariffs
The administration unveils reciprocal and universal tariffs.
Steps companies should take now to prepare for major tax legislation in 2025
Companies should prioritize their tax planning, advocacy, and modeling now to effectively navigate anticipated major tax legislation in 2025
How to future-proof the global trade function
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Active state tax legislative session expected in 2025
Governors outline tax policy priorities as legislative sessions begin.
Bring tax advisers to the board room to navigate volatility
Tax can help strategic business planning, but leaders must have direct, regular communication with advisers.
Tips for manufacturers to prepare for President Trump's trade policies
Preparing now will help manufacturers adapt to potential changes in international trade policies.
Our team
How EY can help
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Getting ready for global minimum taxes: EY can help you evaluate the impact on your organization and develop a robust, actionable plan. Learn more.
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Americas and US Tax Policy at Ernst & Young LLP is a one-stop resource for insights on national and state tax reform, tax policy, regulatory changes and legislation.
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Washington Council Ernst & Young (WCEY) is a tax, legislative and regulatory group within Ernst & Young LLP that combines the power of a leading professional services organization with the on-the-ground knowledge, personal relationships and attention to detail of a boutique Washington-insider firm.
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State and local taxes can significantly impact a company’s cash flow, effective tax rate and risk profile. Our network of dedicated state and local tax professionals combines technical knowledge with industry understanding and access to technologically advanced tools and methodologies.
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EY Sustainability Tax professionals can help your business realize your corporate sustainability strategy. Learn more.
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