OBBA Explained: What the New Tax Law Means for Your 2025 Tax Return

The One Big Beautiful Bill Act (OBBA) became law on July 4, 2025, and it now governs how taxpayers file their 2025 income tax returns.

Despite heavy media coverage, OBBA didn’t overhaul the tax code. Instead, it locked in major rules, added targeted deductions, and reopened planning decisions many taxpayers assumed were settled.