The Budget Reconciliation Bill was signed into law on July 4.
President Donald Trump signed the legislation, known as the “One Big, Beautiful Bill Act (H.R. 1), which included MCAA priorities.
The MCAA spent months ensuring this seminal legislation retained the tax regime of the 2017 Tax Cuts and Jobs Act (TCJA) with some improvements. MCAA also significantly mitigated cuts to Inflation Reduction Act clean energy tax credits that were identified as most important to the MCAA after the House initially proposed the rapid elimination of them. We also succeeded in preventing Congress from paying for this legislation with offsets that would have been disastrous for our industry.