On May 22, 2025, the House of Representatives passed H.R. 1-119th Congress (2025-2026), titled as the “One, Big, Beautiful Bill Act” (the “Act”), a budget bill that, among other things, addresses soon to sunset provisions of the Tax Cuts and Jobs Act (the “TCJA”) while also making modifications to U.S. tax policy and spending. Commentators and economists estimate the Act, if passed by the Senate and signed into law by President Trump, may have a net cost of $3.8 trillion over 10 years, and would increase the federal statutory debt limit by $4 trillion.