One Big Beautiful Bill Act of 2025 (OBBBA)

The One Big Beautiful Bill Act is the U.S. federal budget-reconciliation law enacted July 4, 2025. It is a different shape of node from the four prior masses-layer entries. The Department of War entity is a counterparty that pays money and signs contracts; the NRC entity is a regulator that issues and transfers licenses. OBBBA is neither — it is a static statutory instrument. It set tax and spending rules in July 2025 and now sits in effect, taking no further action of its own. Because it does not act, this wiki is organized by tax provision instead of by relationship type: different portfolio companies are touched by different parts of the same law, and the entry functions as a shared-risk-factor map, not a relationship map. The forward risk attached to this node is not a counterparty walking away or a regulator denying a license; it is amendment or repeal of specific provisions by a future Congress.

Companies name the law inconsistently across filings — 'One Big Beautiful Bill Act,' 'OBBBA,' 'H.R. 1,' a Public Law number, or a generic reference to July 2025 tax legislation — so the connection set below was assembled by reading each thesis state's tax and risk disclosures, not by name-matching alone.

Provisions and their portfolio reach

Clean-energy generation tax credits

Two utility holdings carry OBBBA exposure through the clean-energy-credit provisions, and both attach it to nonregulated renewable generation, not the rate-regulated utility.

Dominion Energy's FY2025 10-K states OBBBA, enacted July 4, 2025, 'terminates investment and production tax credits for wind and solar facilities placed in service after 2027,' with exceptions for projects commencing construction by July 2026 under safe-harbor requirements, and phases out credits for battery storage and small modular reactors for projects beginning construction through 2035. The 10-K identifies this as a risk for the Contracted Energy segment's nonregulated renewable fleet (atom 0001193125-26-063120, risk_factor_deltas[1]). Dominion's own filing-arc narrative notes the post-2027 phase-out 'affects Dominion's Contracted Energy segment's nonregulated fleet economics but has limited impact on the regulated electric utility model, where capital costs flow through rate base recovery mechanisms.'

NextEra Energy's FY2025 10-K states OBBBA 'eliminated PTCs and ITCs for wind and solar facilities placed in service after 2030' and eliminated the 5% safe-harbor method for 'beginning construction' under new August 15, 2025 IRS guidance; all facilities beginning construction after December 31, 2025 must satisfy prohibited foreign-entity material-assistance requirements to remain eligible for tax credits (atom 0000753308-26-000015, risk_factor_deltas[0] and [3]). NextEra states its current pipeline of wind and solar facilities to be placed in service through 2030 will qualify for clean-energy tax credits. The dollar weight of these credits to NextEra is visible in the same filing: NEER's clean-energy PTCs and ITCs grew $585M year-over-year and the segment's FY2025 effective income tax rate was approximately (343)% (atom 0000753308-26-000015, reported_results[6] and [8]).

Business tax provisions

Glass House Brands' Q1 2026 6-K states the One Big Beautiful Bill Act, signed July 4, 2025, 'restored EBITDA-based interest deduction limitation under Section 163(j)' and revived '100% bonus depreciation for qualified property placed in service on or after January 20, 2025,' and that the company incorporated the applicable income-tax effects for Q1 2026 (atom 0001848731-26-000025, reported_results[37]). Glass House is a capital-intensive greenhouse operator — property, plant and equipment net was $229.5M against total assets of $325.4M at March 31, 2026, with $24.0M of construction in progress (atom 0001848731-26-000025, reported_results[24]).

SAIC's FY2026 10-K cites the July 2025 budget reconciliation package on the spending side — approximately $150 billion in new non-border defense spending and $175 billion in border-security spending through GFY 2029 — and lists 'OBBA tax changes' among expanded risk-factor categories (atom 0001571123-26-000029, forward_guidance[1] and risk_factor_deltas[0]-[4]). The atoms carry no quantified OBBBA tax effect for SAIC and no claim tying an OBBBA tax provision to a financial-statement line; the connection in scope is the spending reference plus an unquantified tax-risk listing.

Asymmetric geometry

(a) Per-ticker load-bearing-vs-peripheral verdict

NEE — load-bearing. OBBBA's post-2030 credit cutoff converts NEER's development calendar into a deadline. NextEra's own filing-arc narrative ties the accelerating capital deployment ($15,669M FY2025, $7,896M Q1 2026 at NEER alone) to running ahead of the credit phase-out, and the $585M year-over-year growth in clean-energy credits sits inside an effective tax rate of (343)%. The credits are central to NEER's economics; the law that governs their expiry is a thesis pillar.

D — load-bearing for one segment, peripheral to the whole. OBBBA touches only Dominion's nonregulated Contracted Energy renewable fleet. The 10-K is explicit that the regulated electric utility — the source of roughly 79% of Q1 2026 consolidated operating earnings ($670M DEV of $847M) — recovers capital costs through rate base and is largely insulated. OBBBA is a segment-level factor for D, not a company-level pillar. The pending NextEra merger further means D's standalone clean-energy-credit exposure folds into NEE's.

GLASF — peripheral. OBBBA reaches Glass House through Section 163(j) interest-deduction mechanics and 100% bonus depreciation, both incorporated into Q1 2026 as a tax-line input. Glass House's reported drivers in the atom are wholesale biomass price-cost inversion (ASP $171/lb against $175/lb cost), the dual covenant waivers, and the Section 280E and DEA-rescheduling tax overhang — none of which OBBBA touches. OBBBA is a peripheral tax line.

SAIC — peripheral. OBBBA is named for defense and border spending addressable to SAIC and listed as an unquantified tax risk. No atom attaches an OBBBA tax provision to a reported number. Peripheral.

(b) The ballast-verdict test

project/wiki/portfolio-synthesis.md classifies WM and GLASF inside the ~9.9% 'genuine ballast' sleeve — positions whose drivers have no mechanical link to the portfolio's federal macro themes. The masses-layer entity-frequency scan that seeded this entry flagged WM (and BKSY) as OBBBA-connected tickers; this section tests whether that connection is real and whether it would correlate the two ballast names to the D/NEE clean-energy-credit exposure.

WM — OBBBA does not appear. The Waste Management thesis state names no version of the One Big Beautiful Bill Act. WM's renewable-energy tax exposure runs through the IRA Section 48 ITC ($24M Q1 2026, declining as the RNG buildout matures) and the Section 45Z clean-fuel production credit ($35M Q1 2026, including a $27M 2025 catch-up triggered by proposed Treasury regulations issued in Q1 2026) (atom — WM 10-K, reported_results[9], cross-referenced for exclusion only). These are IRA-and-Treasury-regulation items, not OBBBA provisions, in the atoms as written. The scan list flagged WM as an OBBBA ticker; the thesis state does not carry a load-bearing OBBBA mention, so WM is excluded from the related_tickers set. The portfolio-synthesis doc does not itself tie WM to OBBBA; it classifies WM as ballast on its waste-services drivers, independent of this law. The seed scan's WM flag is the false positive being corrected here. WM's ballast status holds.

GLASF — OBBBA is present but peripheral. OBBBA reaches Glass House on the Section 163(j) and bonus-depreciation axis only, as a Q1 2026 tax-line input with no quantified effect disclosed. It does not link Glass House to the clean-energy-credit mechanism that drives D and NEE. Glass House's policy sensitivity that does carry weight — Section 280E and the DEA Schedule III rescheduling — sits on the cannabis-tax axis, orthogonal to the utilities. The synthesis doc's GLASF ballast classification holds.

Conclusion: the portfolio-synthesis 'genuine ballast' classification of WM and GLASF survives this test. OBBBA does not mechanically correlate either ballast name to the D/NEE utilities. The ~10% ballast figure is not overstated on OBBBA grounds. The correction the atoms force is to the seed scan's ticker list, not to the synthesis doc: WM and BKSY were scan false positives for OBBBA. The synthesis doc never invokes OBBBA and needs no revision; its ballast classification of WM and GLASF stands.

(c) Amendment / repeal risk

OBBBA's provisions are statutory and could be modified by a future Congress. The clean-energy-credit provisions are the most politically contested component, and they are the ones that would move portfolio holdings together. An acceleration of the wind/solar credit phase-out, or a tightening of the foreign-entity material-assistance rules, would move NEE and Dominion's Contracted Energy segment in the same direction at the same time — the single mechanical link between those two holdings through this law. The business-tax provisions (Section 174, bonus depreciation, Section 163(j)) are less contested and reach GLASF and SAIC only as tax-line inputs. This connects to the portfolio-synthesis correlated-risk register's '2028 administration change' line: a change of administration and Congress is the event under which the contested clean-energy-credit provisions are most exposed to amendment, and NEE plus D's nonregulated fleet are the holdings indexed to that risk.

Note: SAIC and GLASF are flagged for pruning in the portfolio context. That position-status flag does not change the node analysis above; the wiki documents the node as it stands.

Source atoms referenced

• D: 0001193125-26-063120 (10-K, 2026-02-23) — OBBBA enacted July 4, 2025; wind/solar ITC/PTC terminated for facilities placed in service after 2027 with July 2026 construction safe harbor; battery storage and SMR credits phased out through 2035; identified as a Contracted Energy nonregulated-fleet risk.
• NEE: 0000753308-26-000015 (10-K, 2026-02-13) — OBBBA eliminated wind/solar PTC/ITC for facilities placed in service after 2030; eliminated the 5% beginning-of-construction safe harbor under August 15, 2025 IRS guidance; prohibited-foreign-entity material-assistance requirement for post-December 31, 2025 construction starts; NEER clean-energy credits +$585M YoY.
• GLASF: 0001848731-26-000025 (6-K, 2026-05-13) — One Big Beautiful Bill Act signed July 4, 2025; restored Section 163(j) EBITDA-based interest-deduction limitation; revived 100% bonus depreciation for qualified property placed in service on or after January 20, 2025; income-tax effects incorporated in Q1 2026.
• SAIC: 0001571123-26-000029 (10-K, 2026-03-16) — July 2025 budget reconciliation package added approximately $150B non-border defense and $175B border-security spending through GFY 2029; 'OBBA tax changes' listed among expanded risk-factor categories, unquantified.

Checked and excluded: WM (no OBBBA-name variant in the thesis state; renewable-energy tax exposure is IRA Section 48 ITC and Section 45Z clean-fuel credit, not an OBBBA provision in the atoms). BKSY (no OBBBA mention in any atom). LEU (Section 48C clean-energy credit cited is a pre-existing IRA Advanced Energy Project credit with a January 2027 certification deadline; no OBBBA-name mention). RKLB, RDW, LUNR, PL, UUUU, URG, MP (no OBBBA-name variant and no load-bearing OBBBA tax claim found in their thesis states).