House Passes Budget Bill with Restrictions on Student Loans and PTET deductions

May 28, 2025
On May 22, 2025, the U.S. House of Representatives passed its budget reconciliation package, the One Big Beautiful Bill Act (H.R. 1), by a vote of 215-214-1. The bill addresses multiple policy priorities for President Trump and Congressional Republicans, including an extension of expiring tax cuts under the Tax Cuts and Jobs Act of 2017 and significant reforms to state-level financing mechanisms and beneficiary eligibility of Medicaid.