President Donald Trump has signed into law the One, Big Beautiful Act (OBBA), and for taxpayers in high-tax states like California and New York, it may offer long-awaited relief — at least for a few years.

The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.

In a sweeping new fiscal package, lawmakers have unveiled a major overhaul of tax policy, federal spending, and entitlement programs. Here’s a breakdown of what’s in the plan.