Tax Provisions in P.L. 119-21, the FY2025 Reconciliation Law

P.L. 119-21 (H.R. 1 in the 119th Congress, also referred to as the FY2025 reconciliation act or the One Big Beautiful Bill Act) was enacted into law on July 4, 2025. It was developed and considered as part of the budget reconciliation process triggered by the adoption of H.Con.Res. 14, the Concurrent Resolution on the Budget for FY2025. Subtitles A and C of Title VII of the law contain tax provisions. Many of the tax provisions are modifications or extensions of provisions of P.L. 115-97, commonly known as the Tax Cuts and Jobs Act or TCJA. Several provisions in the TCJA were set to expire at the end of 2025, or have changed within the past several years. These provisions include changes such as modified individual income tax rates, a higher standard deduction and child tax credit, suspension of personal exemptions, a deduction for pass-through business income, bonus depreciation for business investments, changes to how business research costs are recovered, and changes to the limitation on deducting interest on indebtedness by certain businesses. This report provides a section-by-section summary of the tax provisions in P.L. 119-21. Specifically, a set of tables describes each provision in the law, by subtitle and chapter, and provides references to related CRS products.