Earlier this month, President Donald Trump notched a key legislative victory for his second term with the narrow passage of a massive spending and tax bill colloquially known as the “One Big Beautiful Bill.”
The reconciliation bill, signed by Trump on July 4 after passing the U.S. House of Representatives by four votes and the U.S. Senate via a tiebreaker from Vice President JD Vance, contains hundreds of provisions that impact tax code and employment law, while also containing significant cuts to Medicaid and the Supplemental Nutrition Assistance Program, or SNAP.
With the many provisions in the legislation set to become effective in the months and years ahead, attorneys in Virginia are looking ahead to key impacts of the bill on their practices.
Changes to tax law are one of the legislation’s central aspects.
“The One Big Beautiful Bill makes some significant impacts to the tax laws, extending some of the provisions of the Tax Cuts and Jobs Act of 2017, as well as making some key new changes,” Richmond attorney Anna Derewenda said.
Key impacts for business law practitioners are tip income deduction and immigration audits, according to McLean attorney Declan Leonard. “In both instances, the name of the game under the BBB is now ‘compliance,’” Leonard said.
The “One Big Beautiful Bill,” estimated to include more than 850 total pages of provisions, has aspects that affect many areas of American life.
Central to the legislation is an extension of the Tax...
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