On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”). The OBBBA extended or made permanent many of the tax provisions introduced under the 2017 Tax Cuts and Job Act (“TCJA”) that were otherwise set to expire at the end of this year and provided for many other domestic and international tax law changes.  

Each year, the US Internal Revenue Service (IRS) sets the amount of the annual gift tax exclusion, which allows a taxpayer to give a certain amount (in 2024, $18,000) per recipient tax-free without using any of the taxpayer’s lifetime gift and estate tax exemption.