Overview of the Key Small Business and Tax Provisionsin the July 2025 Reconciliation PackageOn July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act [reconciliation package]. The bill includes hundreds of provisions, including extended and expanded tax cuts, and deep cuts to Medicaid, food benefits and other social welfare programs. The bill is also projected to add more than $3 trillion to the national debt over the next decade. Over the course of the last week, Republicans made several last minute changes to the bill, including stripping out controversial provisions (such as a 10 year moratorium on state-level AI regulations and a sell-off of public lands in 11 western states). The package includes significant additional funding to the Department of Homeland Security for immigration enforcement, and to the Department of Defense. Published on July 10, 2025 |