The One Big Beautiful Bill Act, recently enacted as H.R. 1 in the 119th Congress (2025-2026), introduces extensive changes to federal tax legislation, spanning 887 pages. The law impacts a wide range of areas including estate taxes, energy and climate solutions sectors, research and experimental expenditures, qualified small business stock, business interest deductions, and the SALT deduction. Despite initial claims by the Social Security Administration, the legislation does not eliminate federal income taxes on Social Security benefits, a point confirmed by multiple congressional representatives. The act also includes provisions affecting domestic and multinational businesses, not-for-profits, and healthcare. Analysts and legal experts have published detailed breakdowns and analyses of the bill’s tax provisions, highlighting its implications for individual taxpayers, businesses, and sectors such as renewable energy. The legislation represents a comprehensive overhaul of tax and spending policies, with ongoing discussions about its impact on global income taxation and future renewable energy tax credits.