The One Big Beautiful Bill Act, a budget reconciliation bill, passed the United States House of Representatives vote on May 22, 2025 and is currently under Senate consideration. The bill, if enacted, would make sweeping changes to the tax law, including by adding a new section 899 to the Internal Revenue Code. Section 899, if enacted in its current form, could have a material impact on CLOs and other credit products. An overview and summary of the bill can be found here.