KPMG report: Tax provisions of interest for institutions of higher education in “One Big Beautiful Bill Act”

Analysis and observations regarding the provisions in the Act of interest to institutions of higher learnings

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July 28, 2025

The House of Representatives on May 22, 2025, passed H.R. 1 (House bill), the budget reconciliation bill known as the “One Big Beautiful Bill Act” (read TaxNewsFlash). On July 1, 2025, the Senate passed its version of H.R. 1 (Senate bill), which made various amendments to the bill, including changes to the tax subtitle that was included in the House bill (read TaxNewsFlash). On July 3, 2025, the House passed the Senate bill without amendment, and the bill was signed into law by President Trump on July 4, 2025 (the Act).

The Act generally makes permanent the tax provisions of the Tax Cuts and Jobs Act (TCJA). It also temporarily provides for tax benefits promised by the president for tip income, overtime pay, and auto loan interest, and introduces a host of revenue-raising provisions.

Read a July 2025 report prepared by KPMG LLP that provides analysis and observations regarding the provisions in the Act of interest to institutions of higher learnings.


For more information, contact your usual KPMG tax professional or one of the following Washington National Tax professionals:

Ruth Madrigal | ruthmadrigal@kpmg.com

Preston Quesenberry | pquesenberry@kpmg.com

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