The passage of the One Big Beautiful Bill Act in July 2025 extended key 2017 Tax Cuts and Jobs Act provisions and restored full bonus depreciation without lowering the 21% statutory corporate rate or enacting a broad rate reduction. Recent Treasury guidance has delivered targeted relief on R&D deductions and the corporate alternative minimum tax through regulatory workarounds rather than new legislation. With midterm elections weeks away, Republican priorities centering on individual tax extensions, and deficit pressures constraining reconciliation options, no further corporate rate legislation appears scheduled before 2027. These factors support the current trader consensus reflected in the 92.5% implied probability for no additional cuts.