OBBB Passes House

Early this morning, the House passed the “One Big Beautiful Bill Act” by a narrow vote of 215 to 214. This sweeping legislation provides for immediate expensing of domestic research and experimental costs for tax years 2025 through 2029, restoration of taxpayer-favorable bonus depreciation provisions, and an increase to the state and local tax (SALT) deduction cap from $10,000 to $40,000.

The legislation now moves to the Senate for review and consideration. As part of budget reconciliation, the bill only requires a simple majority to pass (51 votes), rather than the typical 60-vote threshold. While many expect some proposed changes or modifications during the Senate’s review process, the bill continues to move closer to the President’s desk.