US President Donald Trump’s “Big Beautiful Bill” was signed into law on July 4. While it didn’t impose a moratorium on state-level artificial intelligence laws as anticipated, it did include a substantial 35% tax credit for semiconductor manufacturers.

President Donald Trump has signed into law the One, Big Beautiful Act (OBBA), and for taxpayers in high-tax states like California and New York, it may offer long-awaited relief — at least for a few years.

The final version of the bill will allow workers to deduct up to $25,000 in tips and up to $12,500 ($25,000 in the case of a joint return) in overtime, but the tax law change is temporary and ends Dec.