**Republican lawmakers enacted the One Big Beautiful Bill Act in July 2025, permanently extending key TCJA business provisions such as full expensing for R&D and equipment while preserving the 21% corporate rate and adding targeted relief like accelerated depreciation for structures.** No subsequent legislation has altered the statutory rate. With Republicans controlling Congress, attention in 2026 has shifted to implementing the existing law, managing tariff policy, and preparing for November midterms, where a second reconciliation push faces internal divisions and limited calendar time. Trader pricing at 88% for No reflects the absence of active rate-cut momentum and the structural barriers to passing new corporate tax legislation before the 2027 deadline.