The One Big Beautiful Bill (OBBB), signed into law in July 2025, is a landmark legislative package with wide-ranging implications for American businesses across industries. The OBBB was designed to extend the 2017 Tax Cuts and Jobs Act, and also introduces a host of new provisions aimed at boosting economic growth, supporting small businesses, and incentivizing domestic investment. Beyond its economic goals, OBBB is poised to reshape the legal landscape for companies of all sizes.
This article serves as a living resource, continuously updated with Nixon Peabody insights into how the bill is interpreted, implemented, and challenges over time. As the legal implications of the OBBB continue to unfold, we’ll explore what business leaders and legal teams need to know to stay informed.
- Community Development Finance & Affordable Housing—Explore how the One Big Beautiful Bill Act boosts affordable housing with permanent LIHTC enhancements, bonus depreciation, and extension of the New Markets Tax Credit program.
- Employee benefits—The OBBB permits pre-deductible telehealth coverage under HDHPs, increases the dependent care FSA limit, permits student loan repayments to educational assistance programs, allows for contributions to Trump Accounts, and more.
- Healthcare—The new budget law that is poised to reshape Medicaid marks the most significant shift in federal health policy since the Affordable Care Act.
- Private Wealth—Major federal tax law changes under the One Big Beautiful Bill Act bring lower rates, higher estate and gift exemptions, and new opportunities for high net worth individuals and families.
- Public Finance—Discover how new tax-exempt bonds for spaceport projects under the OBBB open financing opportunities, treating spaceports like airports.
- Tax—Business tax changes in the OBBB Act include permanent expensing, QSBS boosts, and global tax shifts. While the Act introduces clarity and strategic advantages, challenges and complexities remain.
- Venture Capital & Private Equity—The OBBB’s tax reforms affect fund structuring, investor returns, and portfolio company oversight. Learn how VC and PE CFOs can adapt to optimize benefits and manage risk.