On Wednesday, May 14, 2025, the U.S. House of Representatives’ Ways and Means Committee approved (by a vote of 26-19 along party lines) the tax title for the “One Big Beautiful” bill (“the bill”).1  In addition to containing provisions that would extend (or make permanent) certain tax provisions of the 2017 Tax Cuts and Jobs Act (“TCJA”) scheduled to expire at the end of the 2025 tax year, the bill includes a number of non-TCJA items that have the potential to impact global mobility programs if enacted into law.  

Click here to read a report authored by KPMG LLP that details the provisions of the bill that would have the greatest impact on global mobility programs if enacted into law.  The report is one of a series of reports that KPMG LLP has prepared on the bill, which can all be found here. 

WHY THIS MATTERS

While the bill may undergo changes and still has quite a few legislative hurdles to clear before it becomes law, it provides insight into the tax provisions that may eventually become enacted into law.  As a result, it provides global mobility programs with an opportunity to assess and model the impact such provisions may have on program costs should such provisions eventually become law. 

Tax Provisions of Interest to Global Mobility Programs

In addition to the provisions that were included in the initial Chairman’s mark released on Friday, May 9, 2025, and detailed in GMS Flash Alert 2025-092,2 the bill includes the following tax provisions that would potentially impact global mobility programs:

  • Measures imposed on certain individuals, and non-U.S. corporations, if their home jurisdiction has adopted taxes deemed to be discriminatory or extraterritorial;
  • Increase in the limitation on the deduction for certain state and local taxes (SALT deduction);
  • New limitation on itemized deductions;
  • New excise tax on remittance transfers;
  • Reinstatement of partial deduction for charitable contributions of individuals who do not elect to itemize.

Click here to read a report authored by KPMG LLP that provides a comprehensive overview and analysis of the impact select tax provisions contained in the bill would have on global mobility programs if enacted into law.  The report is one of a series of reports that KPMG LLP has prepared on the bill, which can all be found here.

 

KPMG INSIGHTS

Further changes to the tax title could occur as the bill is considered by the House Budget or Rules Committee, or even on the floor of the House during debate.  In addition, the Senate could ultimately adopt tax provisions with significant differences as it considers its own version of the bill.

KPMG LLP will continue to provide updates as the bill works its way through the process in Congress. 

FOOTNOTES:

1  Text of the bill can be found on the House Ways and Means website by clicking here.

2  See “Ways and Means Committee Releases Partial Text for Budget Reconciliation Bill” in GMS Flash Alert 2025-092 (May 12, 2025).  

RELATED RESOURCES:

"KPMG reports: Tax title for 'One Big Beautiful' bill: Analysis and observations on the tax title for the 'One Big Beautiful' bill," published in TaxNewsFlash, a publication of KPMG LLP (U.S.).

"Global mobility tax provisions in 'One Big Beautiful' bill: KPMG analysis and observations."

Contacts

Martha Klasing
Martha Klasing

Partner, Washington National Tax – Global Mobility Services

KPMG in the U.S.

Rob Fagan
Rob Fagan

Senior Manager, Washington National Tax – Global Mobility Services

KPMG in the U.S.

More Information

pdf

Download PDF

Download and save the PDF version of this GMS Flash Alert

Download

Subscribe to GMS Flash Alert

GMS Flash Alert reports on recent global mobility-themed developments from around the world to help you better understand what has changed and what that means for you.

Subscribe now

GMS Flash Alert

Shedding light on evolving policies affecting international assignees and employers, helping make sense of it all.

Visit GMS Flash Alert home
alt
Disclaimer

The above information is not intended to be “written advice concerning one or more federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only.

The information contained in this newsletter was submitted by the KPMG International member firm in the United States.

GMS Flash Alert is a Global Mobility Services publication of the KPMG LLP Washington National Tax practice. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2025 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.