OBBBA introduces permanent tax changes for real estate, enhancing deductions, Opportunity Zones, REIT flexibility, and LIHTC benefits. The One Big Beautiful Bill Act (OBBBA) was signed into law late last week. While OBBBA introduces wide-ranging tax changes for all sectors, the real estate industry faces a distinct set of opportunities and challenges. Below, we explore what these changes mean for owners, developers, and investors — and how to prepare. For a comprehensive overview of the tax provisions in OBBBA, including restoration...

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Important Changes for Technology and Life Sciences Industries On July 4, 2025, President Trump signed H.R. 1, commonly known as the “One Big Beautiful Bill Act” (OBBB), into law.1 OBBB was initially approved by the House of Representatives on May 22, 2025 (the House Bill),2 followed by proposed changes that were released by the Senate Finance Committee on June 16, 2025 (the SFC Bill) and passed by the full Senate on July 1, 2025. OBBB permanently extends many of the tax provisions...

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On June 25, 2025, the European Commission introduced a proposal for an "EU Space Act." This comprehensive proposal spans over 100 pages and includes several annexes detailing regulations aimed at harmonizing the space sector. The proposal seeks to address the growing economic and political significance of space activities, which can't be sufficiently managed by fragmented national regulations. International law currently only mandates that states must authorize and supervise space activities, a requirement yet to be implemented in Germany. The...

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On January 20, 2025, President Trump signed Executive Order 14160, which seeks to restrict birthright citizenship under the Fourteenth Amendment of the US Constitution. Specifically, the order targets children born on US soil to parents who are neither US citizens nor lawful permanent residents. This would include children of nonimmigrant visa holders living lawfully in the US. Following the issuance of the order, a number of federal lawsuits were filed, resulting in nationwide injunctions that temporarily blocked implementation. The Trump...

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On July 4th, President Trump signed in to law H.R. 1 — One Big Beautiful Bill Act (“BBB”) — a sweeping piece of tax legislation that reshapes key areas of the Internal Revenue Code. The BBB extends, modifies, or makes permanent a number of tax provisions originally introduced under the Tax Cuts and Jobs Act (TCJA), while also introducing several new provisions to the Internal Revenue Code. The following outlines some of the most significant changes likely to impact...

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By Michael Paglialonga, Eli Freedberg, Shannon Meade, and Alex MacDonald Amid growing concerns about the continued absence of a quorum at the National Labor Relations Board (NLRB) and the resulting inability of the NLRB to issue decisions in representation and unfair labor practice cases, the New York State Legislature concluded its session by passing S8034A/A8590, a bill that would significantly expand the state’s authority in labor matters traditionally handled by the NLRB pursuant to the National Labor Relations Act (NLRA)....

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By Sarah Blazek, Jochen Christoph Hegener, and Laura Habermann On 25 June 2025 the European Commission (Commission) adopted the Clean Industrial Deal State Aid Framework (CISAF) (see also the Commission's press release). The CISAF is a way of supporting the Clean Industrial Deal: A joint roadmap for competitiveness and decarbonisation (Clean Industrial Deal). The aim of the Clean Industrial Deal is to reach net zero emissions in the EU by 2050 while at the same time making the EU more competitive (more on the Clean...

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Fresh off the passage of the the budget, judicial victories, and achieving a cease fire between Israel and Iran, the Trump administration is on the verge of closing its initial chapter in its dramatic changes of America's foreign economic policy. The 90-day hiatus since Liberation Day comes to an end in the week ahead. Ahead of it, President Trump has indicated letters will go out to individual countries to announce the new bilateral tariff that will be imposed on...

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Spain was the fifth largest recipient of financial services foreign direct investment (FDI) projects in 2024 in Europe, according to EY's latest financial services attractiveness survey. FDI actually grew by 29% with regard to total new projects and existing projects expanded from 17 in 2023 to 24 in 2024. The attraction of new projects contributed to Spain's fifth place in the ranking. Our country did therefore attract 21 new FDI projects in financial services in 2024, compared to 14 in...

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With President Trump’s 90-day tariff pause ending this week, many governments (particularly in Asia) continue the struggle to secure new trade deals with Washington. Only deals with the UK, Vietnam, and a limited agreement with China have been announced to date. Japan faces steep auto and metals tariffs, with talks stalled, and South Korea was hoping for a new FTA but sees little chance of that happening before the deadline. India’s talks have stalled over agriculture, and Southeast Asian countries...

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