More Questions Than Answers: Pending Tax Legislation

There’s little doubt that you’ve seen extensive news coverage of the “Big Beautiful Bill” (H.R. 1) that passed the House of Representatives by a 215-214 vote on May 22, 2025, and has now moved to the Senate. On June 16, Senate Finance Committee Republicans released legislative text and a section-by-section summary addressing key tax provisions. The heart of the legislation, which would permanently extend the individual tax cuts and revised brackets from the 2017 Tax Cuts and Jobs Act (TCJA) due to expire at the end of the year, is generally consistent with the House-passed bill. However, other areas have more significant proposed changes that will need to be worked out before the bill is passed in the Senate and returned to the House for final passage.

And that is the primary takeaway here: Significant changes are expected. This makes it impossible right now to predict how your clients might be impacted by tax law changes.

The ETF continues to monitor the situation and will keep you posted! Please reach out anytime. Our team is happy to discuss options for your clients’ charitable giving to ensure that they are supporting their favorite causes and important local needs in the most effective ways possible under any set of tax laws.