On July 4, 2025, President Trump signed H.R. 1-119th Congress (2025-2026), titled the “One, Big, Beautiful Bill Act” (the “Act”), a budget bill that, among other things, addresses sunsetting provisions of the Tax Cuts and Jobs Act of 2017, Public Law 115-97 (the “TCJA”) while further modifying U.S. tax policy. It is important to note that the President signed the Senate version of the Act. Whiteford has provided updates throughout the legislative process to keep individuals, businesses, and their advisors informed of potential tax changes. This client alert discusses the select tax provisions that made it into law.

The House of Representatives previously passed H.R. 1-119th Congress (2025-2026), titled the “One, Big, Beautiful Bill Act” (the “Act”), a budget bill that, among other things, addresses sunsetting provisions of the Tax Cuts and Jobs Act (the “TCJA”) while further modifying U.S. tax policy. For the full breakdown of its provisions, please see Whiteford’s previous client alert.
 

The approval of the House v. NCAA settlement marks a watershed moment in college athletics. In addition to $2.8 billion in back damages to former athletes unable to capitalize on the sale of their name, image, and likeness (“NIL”), the settlement allows institutions to directly compensate student-athletes, fundamentally altering the traditional model of amateurism in college sports. It also requires athletes to report NIL deals to a third-party clearinghouse run by Deloitte, and sets roster limits across sports, while grandfathering current athletes who might otherwise lose their spots. While much of the public discourse has focused on the employment and cultural ramifications of the case, the settlement also introduces (and fails to clarify) a host of complex tax issues that could affect college athletes nationwide. For a comprehensive breakdown of the House settlement in full, please see Whiteford’s recent client alert.

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.