KPMG report: Exempt organization provisions in “One Big Beautiful Bill Act”
Analysis and observations on the bill passed by the House of Representatives
The U.S. House of Representatives on May 22, 2025, passed H.R. 1, the budget reconciliation bill known as the “One Big Beautiful Bill Act.” The bill includes, with some amendments, the tax title approved by the Ways and Means Committee last week (read TaxNewsFlash).
Prior to passage by the full House, the Rules Committee made two sets of changes to the tax title approved by the Ways and Means Committee. The first set of amendments to the tax title were incorporated into this version of the bill (changes can be viewed in redline here), and the second set of amendments to the tax title may be seen here.
Read a May 2025 report prepared by KPMG LLP that provides analysis and observations regarding the provisions in the bill related to tax-exempt organizations