The "One Big Beautiful Bill Act"or "OBBBA" (H.R.1), was signed into law by President Donald Trump on July 4, 2025. This new law has far-reaching implications for nearly all businesses, including those in the heating fuels and home comfort industries. The nearly 1,000-page reconciliation package represents one of the most significant tax and energy policy overhauls in recent years. Notably, the bill repeals, phases-out, or significantly reforms nearly all energy and climate policies included in the Inflation Reduction Act of 2022 (IRA).

NEFI has produced a detailed analysis and summary of provisions which are most relevant to its members, including:

• General Business Tax Provisions
• Key Employee Tax Breaks
• Energy Tax Incentives
• Renewable Fuels Provisions
• Oil & Gas Production
• And more

NEFI dues-paying members will have received the document in a separate email from NEFI President Jim Collura. We ask that you do not share it outside of your company. If you are a NEFI member and have not yet received the summary, or are a non-member interested in joining, please contact NEFI at (617) 924-1000 or email membercom@nefi.com.

To help you navigate these changes, Gray, Gray & Gray will host a free webinar on Wednesday, July 30 at 10:00 AM ET. Partners Kelly Berardi, Derek Rawls, and Brad Carlson will explain key provisions affecting both businesses and individuals, with a focus on actionable tax planning strategies. Don't miss out – click here to register.

Please note that the bill spans nearly 1,000 pages and cannot be fully captured in a single document. Therefore, this summary has been provided for general informational purposes only and is not intended as legal, business, or tax advice. As always, consult a qualified professional on these matters.

NEFI membership dues alone cannot cover the extraordinary costs of our policy and advocacy work, including the preparation of documents like the one attached. We are deeply grateful to the companies that have already contributed to our 2025 Advocacy Fund. If you haven't yet supported this effort, please consider doing so. A list of donors is available below and an online contribution form is available at www.nefi.com/donate.