The Senate just passed the One Big Beautiful Bill Act. What’s next?
On Tuesday, the Senate narrowly passed President Trump’s One Big Beautiful Bill Act (OBBB). The bill now heads back to the House for final passage.
Here’s what that process looks like:
How the One Big Beautiful Bill Act moves forward after the Senate vote
There are two main possible outcomes. The first is that the House simply passes or rejects the Senate version of the bill. This would almost certainly happen within the next day or two, as Trump is pushing Republican congressional leaders to deliver the bill to his desk by July 4.
The second possibility, given that the Senate made big changes to the version of the bill that originally passed the House in May, is that the House GOP may not approve it before insisting on their own revisions to the Senate bill. If so, the bill would then head to conference committee, where members of both chambers will meet to hash out a final version before sending it back to the House and the Senate for an up-or-down vote.
What is likely to happen?
The House vote in May was 215-214, so a single Republican vote change could prevent the bill from passing.
But given Trump’s pressure on Congress to deliver this legislation and the fact that the Senate is about to leave town for a recess, the House is more likely to avoid conference and pass the Senate version of the bill before July 4.
In its current state, the bill makes substantial changes to the tax, regulatory and social climate, impacting virtually every individual and business (taxpayer or not) in some way.
How Wipfli can help
What does the One Big Beautiful Bill Act mean for you and your business? Our team of advisors is here to help you understand all the bill’s implications from a tax and regulatory perspective so you can best position yourself to move forward. Learn more here.
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