Webcast overview
The House of Representatives on May 22, 2025, passed the budget reconciliation bill known as the “One Big Beautiful Bill.” On July 1, 2025, the Senate passed its version of the bill, which made various amendments, including changes to the tax subtitle that was included in the House bill. On July 3, 2025, the House passed the Senate version of the bill without amendment, and the bill was signed into law by President Trump on July 4, 2025. The bill contains many extensions of current law, several new items, and a number of proposals to raise revenue.
During this webcast, professionals from the KPMG Washington National Tax office will dive into and discuss the bill’s changes to the U.S. international tax regime, as well as the G7 understanding excluding U.S. parented groups from the UTPR and IIR. The webcast will highlight a variety of considerations businesses should think about now to prepare for these changes and their potential impacts on the global tax landscape.
Background: The Tax Policy Trifecta
Tax executives are facing three significant disruptors coming together at the same time – understanding and implementing the recently enacted bill commonly known as the One Big Beautiful Bill, the implementation of the OECD’s global tax deal, and ongoing regulatory and executive action changes. The challenges and opportunities from these three disruptors, what KPMG is referring to as the ‘Tax Policy Trifecta’, are happening at the same time as a technology revolution with advanced tools like GenAI playing a role in how organizations can respond to change.
