One Big Beautiful Bill Act

This act reduces taxes, reduces or increases spending for various federal programs, increases the statutory debt limit, and otherwise addresses agencies and programs throughout the federal government. It is known as a reconciliation bill and includes legislation submitted by several congressional committees pursuant to provisions in the FY2025 congressional budget resolution (H Con. Res. 14) that directed the committees to submit legislation to the House or Senate Budget Committee that will increase or decrease the deficit and increase the statutory debt limit by specified amounts. (Reconciliation bills are considered by Congress using expedited legislative procedures that prevent a filibuster and restrict amendments in the Senate.)

1. Makes the Child Tax Credit permanent at $2,000-$2,200 per child and creates tax-free Trump Accounts with a $1,000 government contribution per child. 2. Restores 100% first-year business expensing for equipment and immediate R&D deduction for domestic research. 3. Expands Health Savings Accounts to cover bronze and catastrophic plans and makes telehealth HSA-compatible permanently. 4. Eliminates electric vehicle tax credits (new, used, and commercial) after September 30, 2025 and ends home energy efficiency credits after 2025. 5. Adds Medicaid work requirements of 80 hours per month for ages 19-64 and changes eligibility redeterminations from annual to semi-annual. 6. Expands SNAP work requirements to ages 18-64, removes exemptions for veterans and homeless individuals, and reduces funding by $187 billion. 7. Eliminates Graduate PLUS loans and Public Service Loan Forgiveness for new borrowers after July 2026 and caps total federal student borrowing. 8. Imposes a 1% excise tax on international remittance transfers starting January 2026. 9. Creates a scholarship tax credit of up to $1,700 for donations to K-12 scholarship organizations.