U.S. Senate passes "One Big Beautiful Bill" after marathon session

July 1, 2025 - With the tightest of margins, the U.S. Senate at approximately noon EDT today approved its version of H.R. 1, the bill extending many provisions of the 2017 Tax Cut and Jobs Act. The vote was 50-50 and Vice President Vance voted in the affirmative to break the tie.

Some key provisions of the bill include extension of the 21% corporation income tax rate and making that rate permanent, along with permanent continuation of the 20% business income deduction - an idea originally started in Missouri by Associated Industries of Missouri after a conversation between the leader of a member company and AIM president and CEO Ray McCarty. We are working to secure a summary of the final Senate version of the bill and will update with another article when available.

Both Senator Eric Schmitt and Senator Josh Hawley supported the bill on the third reading vote.

“I proudly voted to move forward with President Trump’s America First agenda today," said Senator Eric Schmitt. "The One Big Beautiful Bill will prevent the largest tax hike in American history, secure our border, fund deportations, create American jobs, and keep our country safe. This is a win for families across Missouri, and I look forward to continuing to work with President Trump to usher in America’s Golden Age.”

Rod Reid, AIM Board Treasurer and co-owner of Shepherd Hills Cutlery, had this to say about the bill: "Our business has been family-owned for 53 years. HR 1 will enable small family-owned businesses and farms to remain family owned. Many could be forced to sell all or part of their businesses to pay taxes unless the estate tax exemptions in HR 1 are passed. We urge Congress to pass HR 1 and help our family-owned businesses."

The bill will now move to the U.S. House of Representatives for further consideration because of the Senate changes to the bill passed by the House. You may read more about the bill HERE.