Fashion Law Update

On Monday, 16 June 2025, the Senate Finance Committee released its version of the Section 899 retaliatory tax provisions that also are included in the “One Big Beautiful Bill Act” that was passed by the House of Representatives on 22 May 2025.

This alert describes the persons who would be subject to the changes contained in Code Section 899, the consequences of being subject to this proposed new Code section, and some of the impacts this provision would have on certain cross-border transactions.

Retaliatory tax provisions contained in H.R. 1, the “One Big Beautiful Bill Act” that recently passed the US House of Representatives, if enacted, would drastically impact common cross-border transactions, including US operations of foreign multinational groups and inbound investments. 

On 22 June 2025, the Texas Responsible Artificial Intelligence Governance Act  was signed into law by Governor Greg Abbott.