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Overview
Our Technical Line addresses the accounting and financial reporting implications of H.R.1, also known as the ‘One Big Beautiful Bill Act’ enacted by President Donald Trump on 4 July 2025. The Act extends or reinstates certain provisions of the 2017 Tax Cuts and Jobs Act, includes tax relief measures, modifies certain energy tax credits granted under the Inflation Reduction Act and sets various limits on tax deductions, among other key provisions. Companies need to consider how the Act, affects their accounting for income taxes and disclosures.