In today’s fluctuating economy, where the GDP saw a slight decrease of 0.2% in Q1 2025 and inflation remains an ongoing concern, understanding potential changes associated with the Big Beautiful Bill is crucial for businesses to remain competitive and thrive. Join Cozen O’Connor and Cozen O’Connor Public Strategies for a fast-paced discussion that will look at the latest federal legislative actions and their potential implications on businesses.
The session will provide insight into:
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The diverse makeup of the governing majority and how the Republicans will come together to deliver the president’s number one priority
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What the quick passage of the bill means for business operations
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What the Big Beautiful Bill’s passage means for other must-pass bills in Congress
Key Takeaways
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The "Big Beautiful Bill" (H.R. 1) passed in the House of Representatives and is under expedited review in the Senate through the budget reconciliation process.
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Major provisions include extensions of 2017 tax reforms, increased funding for defense and border security, and reforms to student loan and SNAP programs.
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Proposed changes would eliminate subsidized undergraduate loans, raise the Pell Grant credit hour requirement, and impose federal borrowing caps of $200,000 to $250,000.
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The bill contains high-cost tax relief measures, such as eliminating tax on tips and car loan interest, with many provisions set to expire in 2028.
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Deep political divisions remain, particularly around Medicaid cuts and the state and local tax (SALT) deduction cap.
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Senate leaders aim to bring the bill to a floor vote before the July 4 recess, with the House of Representatives on a 72-hour recall to finalize passage.
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If enacted, states and agencies will need to move quickly to implement changes ahead of the next tax year.
Please click here to view a recording of this webinar.
Note: Since the time of this recording, the “One Big Beautiful Bill” has been signed into law. Federal and state agencies have begun implementation efforts, with regulatory guidance and policy changes already underway.