President Trump Signs One Big Beautiful Bill Into Law

On July 4, 2025, President Donald Trump signed the "One Big Beautiful Bill" (OBBB) Act into law, a comprehensive tax, spending, and energy package that forms a key part of his administration's agenda. The Act includes significant provisions such as a permanent 20% deduction for qualified business income under Section 199A, which benefits family-owned wine and spirits wholesalers by allowing them to reinvest and sustain jobs nationwide. The legislation also enacts major changes to clean energy tax credits under the Inflation Reduction Act, extending qualification periods, easing prevailing wage compliance, and resetting legacy phase-outs. These changes require developers and stakeholders to adjust project timelines and contractual terms accordingly, with further agency guidance expected. Republican lawmakers largely supported the bill, and President Trump emphasized that despite deep spending cuts, the public would not be negatively affected. Industry groups and business leaders have praised the bill for providing certainty and fostering economic growth in key sectors.