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On May 22, the House of Representatives passed H.R. 1, “The One, Big, Beautiful Bill Act,” legislation authorized under the FY 2025 concurrent budget resolution (H. Con. Res. 14).
The bill includes a broad range of tax-and-spending provisions developed by 11 House committees. Title XI, the Ways and Means Committee’s tax title, includes tax provisions adopted by the committee on May 14, after a 17-hour markup.
While the House Rules Committee worked to adopt the rule governing debate and the amendment process for H.R. 1 by the full House on May 21, a “Manager’s Amendment” was negotiated to address concerns raised by fiscal conservatives and the Republican SALT caucus. The amendment made technical changes, as well as substantial changes, in particular to the energy-tax credits and the state and local tax (SALT) deduction. With the Manager’s Amendment, the Rules Committee was able to complete its markup and advance the bill to the House Floor on May 22 and final passage by a vote of 215-214. The legislation now moves to the Senate, where lawmakers are expected to make significant changes to address Senate priorities.
From energy credits to SALT deductions, see what the House approved and what the Senate might change. Read the section-by-section breakdown. Click here.
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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