On July 4, 2025, President Trump signed into law the tax and spending bill colloquially known as the “One Big Beautiful Bill” (OBBB). The OBBB, which represents the most significant overhaul of federal tax law since passage of the 2017 Tax Cuts and Jobs Act (TCJA) during President Trump’s first administration, makes permanent and enhances many of the tax-reduction provisions contained in the TCJA that were scheduled to sunset at the end of 2025. This alert is a high-level summary of certain key provisions of the OBBB affecting individuals, businesses, employers, international taxpayers and the energy sector.