Senate Republicans have passed on July 1 President Donald Trump One Big Beautiful Bill massive tax and spending bill after a voting marathon, clearing the way for a final showdown in the House before the July 4 deadline the president set to sign the legislation.

Dubbed the One Big Beautiful Bill Act, the nearly 900-page package would extend Trump’s 2017 tax cuts, create new benefits for workers and businesses, roll back clean energy incentives, and impose cuts to safety net programs including Medicaid and food assistance.

What is in the Trump One Big Beautiful Bill?

Tax breaks for individuals and businesses

State and Local Tax Deduction: Temporarily raises the SALT cap to $40,000 through 2029, phasing out for incomes above $500,000. Some GOP holdouts, like Rep. Nick LaLota (R-NY), still oppose the provision, arguing it should be extended for at least a decade.

No Tax on Tips and Overtime: Exempts up to $25,000 in annual tips and $12,500 in overtime pay per individual through 2028, with phase-outs starting at $150,000 in income.

Child Tax Credit: Increases to $2,200 per child and permanently adjusts for inflation.

Trump Child Accounts: Allows up to $5,000 a year in tax-deferred contributions for children. Newborns between 2025 and 2028 would get a $1,000 federal contribution.

Auto Loan Deduction: Creates a new deduction up to $10,000 for auto loan interest on U.S.-assembled vehicles.

Business Tax Breaks: Makes three corporate deductions permanent, including 100% bonus depreciation, a move likely to benefit manufacturers and banks.

Semiconductors: Expands the chip investment credit from 25% to 35%.

Cuts to Medicaid and Food Assistance

Medicaid: Nearly $1 trillion in cuts over a decade. The Congressional Budget Office estimates 11.8 million Americans could lose coverage.

Work Requirements: New mandates for Medicaid recipients who aren’t elderly, disabled, or caring for young children.

Food Stamps: Expands work requirements up to age 65 and shifts some costs to states. Alaska and Hawaii won partial waivers to secure support from Sen. Lisa Murkowski (R-AK).

Clean energy rollbacks and EV credits

Clean Energy: Accelerates phase-out of wind and solar tax credits, requiring projects to be operational by end of 2027. Also eliminates an excise tax targeting Chinese components.

Electric Vehicles: Ends the $7,500 EV tax credit by September 30, 2025.

Other major provisions

Border Security: Allocates $92 billion for border infrastructure and migrant detention, including new funding for Trump’s wall.

Remittance Tax: Imposes a 1% fee on money sent abroad, down from 3.5% in the House version.

Rural Hospitals: Creates a $50 billion fund to cushion Medicaid cuts in rural communities.

Consumer Financial Protection Bureau: Slashes its funding cap nearly in half.

Endowment Tax: Raises rates on wealthy universities, with a top rate of 8% on large endowments.