The One Big, Beautiful Bill Act became the One Big, Beautiful Law (OBBL) on July 4, 2025. The OBBL makes permanent many expiring provisions of the 2017 Tax Cuts and Jobs Act, while also changing key features of U.S. tax law applicable to businesses and investments. In addition, the Speaker of the U.S. House of Representatives stated that a second, smaller tax package will be enacted later in 2025. The follow-on legislation is meant to reintroduce provisions that were excluded by the Senate’s parliamentarian from the OBBL under the Senate’s revenue reconciliation process. In a guest article, Seward & Kissel partner Brett R. Cotler summarizes portions of the OBBL that impact private funds, their investors and their sponsors, as well as several notable omissions and failed proposals that, if enacted, would have affected the private funds ecosystem. See “How the Tax Cuts and Jobs Act Will Affect Private Fund Managers and Investors” (Feb. 22, 2018).