House Passes Reconciliation Tax Bill

The House of Representatives has passed their version of the reconciliation tax bill—H.R. 1, the One Big Beautiful Bill Act—by a vote of 215-214. Details of the bill were shared upon release by the Ways and Means Committee earlier this month. Several amendments were made to the legislation ahead of the floor vote. All new provisions covering ABLE accounts, 529 accounts, health savings accounts, and Trump accounts (formerly MAGA accounts), remain in the legislation. The bill now heads to the Senate for consideration, where several lawmakers have signaled substantial changes.