The "One Big Beautiful Bill" (also called the One Big Beautiful Bill Act or OBBB), signed into law on July 4, 2025, includes a wide range of provisions that primarily focus on extending and expanding tax cuts, adding new tax benefits, and offsetting some costs through changes to public programs35. Here is a comprehensive list of the major items included in the bill, organized by category:

Individual Income Tax Provisions

• Permanently extends the individual income tax rate schedules from the 2017 Tax Cuts and Jobs Act (TCJA), with the top rate remaining at 37% instead of increasing to 39.6%, as had been scheduled for 20265.
• Introduces a "No Tax on Tips" provision, exempting tip income from federal income tax4.
• Introduces a "No Tax on Overtime" provision, exempting overtime pay from federal income tax34.
• Adds an additional senior deduction (specific details referenced but not fully outlined in the sources)3.
• Limits on itemized deductions continue: the disallowance of miscellaneous itemized deductions (such as investment fees, legal fees, and tax preparation fees) is made permanent; the Pease limitation on itemized deductions is permanently repealed, but there is now a 35% rate cap on itemized deductions5.
• Adjusts the state and local tax (SALT) deduction; specific details are included but require further reference for exact changes1.
• Expands the charitable deduction for exempt organizations1.

Business and Investment Tax Provisions

• Restores and makes permanent the 100% bonus depreciation (full expensing) for "qualified property" acquired on or after January 20, 202515.
• Provides a new 100% bonus depreciation for "qualified production property" (nonresidential real property used in manufacturing/production/refining), with specific service dates for eligibility1.
• Increases the small business tax deduction from 20% to 23%, impacting over 26 million entrepreneurs2.
• Updates the rules for global intangible low-taxed income (GILTI), foreign derived intangible income (FDII), and provisions for controlled foreign corporations1.

Tax-Exempt and Charitable Organizations

• Expands the charitable deduction for exempt organizations1.
• Expands the excise tax on the net investment income of private university endowments1.

Offsets and Spending Changes

• Partially pays for tax cuts through changes to:
  • Medicaid
  • Supplemental Nutrition Assistance Program (SNAP)
  • Student loan programs3

Summary of Key Points

• The bill is reported to cost $3.4 trillion over ten years, or over $4 trillion when including interest on national debt3.
• It broadly extends or permanently enacts provisions from the 2017 tax law (TCJA), adds new tax exemptions for workers and seniors, and includes offsets affecting entitlement and student aid programs35.

Additional details or implementation rules may require further reference to the full legislative text or IRS guidance for technical specifics. Let me know if you need a line-by-line breakdown or focus on particular categories.