Trump’s “One Big Beautiful Bill” Is Here—What It Means for Tax Cuts and Green Energy Credits
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On July 4, 2025, President Trump signed the One Big Beautiful Bill (OBBB) into law. It’s a major piece of legislation that affects taxes, government spending, energy policy, and more. Below we summarise what you need to know.
What’s in the Bill?
This law combines a lot of changes in one big package. Key points include:
Permanent tax cuts: The bill keeps the 2017 Trump tax cuts going for both individuals and businesses, without expiration dates.
New tax benefits: It adds deductions for things like overtime pay, auto loan interest, and tips, and increases the Child Tax Credit.
Less support for public aid: Programs like Medicaid and food stamps face cuts and now require work to qualify.
More money for defense and immigration: The bill boosts funding for the military and border security, including large-scale deportation plans.
Bigger national debt: Experts estimate the bill could add $3–4.5 trillion to the U.S. debt over the next 10 years.
What About Green Energy Credits?
Many people worried the bill would cancel clean energy tax incentives from the Inflation Reduction Act (IRA). The good news? That didn’t happen. Instead, the bill:
Keeps most clean energy tax credits in place
Plans a slow phase-out starting after 2027
Still allows businesses to sell or transfer credits for cash, just like before
Protects many current projects through grandfather rules, so they won’t lose their credits even after the new rules kick in.
Bottom line: there’s still time to launch and fund green energy projects under the old rules—but the window is closing.
What It Means for Accountants and Investors
There’s still strong opportunity to invest in clean energy and claim full tax benefits.
Tax planning just got more complex, with new rules to understand and deadlines to watch.
Clients may benefit from new deductions, but some industries could feel the pressure from reduced public funding.
In Summary
The “One Big Beautiful Bill” didn’t wipe out green energy credits, but it did start winding them down. It also reshaped the U.S. tax and spending system in a big way. If you’re advising clients or managing projects, now’s the time to act before the full changes hit.
Source Article: Accounting Today
