December 31

TSMC, Intel, and Micron must complete CHIPS Act-funded semiconductor fabs by end of 2028

By December 31, 2028, states that received CHIPS Act funding must complete construction of major semiconductor fabs, including TSMC Arizona Fab 2 (2nm-class chips), Intel Ohio Fab 1 and 2, and Micron's New York DRAM facility. CHIPS-funded fab capacity is projected to reach roughly 20% of leading-edge global chip production by 2030, up from nearly zero in 2022. Grant disbursements are tied to construction progress milestones, so delays can trigger clawbacks.

No-tax-on-tips, no-tax-on-overtime, the senior deduction, and car loan deduction all expire under the One Big Beautiful Bill Act

Multiple temporary tax provisions from the One Big Beautiful Bill Act expire on December 31, 2028: the exemption from federal income tax on tip income (affecting approximately 4 million workers), the exemption on overtime pay, the expanded senior deduction ($6,000 above-the-line deduction for taxpayers 65 and older), the car loan interest deduction for American-made vehicles, and accelerated factory expensing for domestic manufacturing equipment. CBO scored these provisions as costing hundreds of billions in foregone revenue over 10 years. If Congress does not extend them before the deadline, workers who received these benefits lose them on January 1, 2029 — just before the 2030 midterm cycle begins. The OBBBA also cuts the new "Trump Accounts" baby savings program contributions off on this date.

+1 others

Temporary 2.5% Medicare physician payment increase from the One Big Beautiful Bill Act expires

The One Big Beautiful Bill Act included a one-year 2.5% increase to Medicare physician fee schedule conversion factors for calendar year 2026 — the first meaningful payment increase for physicians in years. That temporary increase expires on December 31, 2026, and absent new legislation, physician payment rates revert to the underlying MACRA-set baseline, which has lagged medical inflation for a decade. The American Medical Association and specialty societies are expected to press Congress for a further extension or a permanent payment reform. Without action, physicians who accepted Medicare patients at 2026 rates would effectively receive a real-dollar pay cut beginning January 1, 2027. Medicare serves 67 million beneficiaries; physicians choosing to limit Medicare patients in response to rate cuts directly affects patient access.

State and local governments must spend all obligated ARPA recovery funds by year-end or return money to Treasury

State and local governments must fully spend all obligated ARPA State and Local Fiscal Recovery Funds by December 31, 2026, or return remaining balances to the Treasury. The Trump administration can't claw back obligated funds — only unspent dollars face return. Hundreds of billions in state and local infrastructure, housing, workforce, and pandemic recovery programs are affected.

States must implement biannual Medicaid eligibility checks for expansion enrollees under the One Big Beautiful Bill Act

The One Big Beautiful Bill Act requires states to verify eligibility for Medicaid expansion enrollees — adults ages 19–64 who qualified under the ACA expansion — every six months rather than annually, beginning no later than December 31, 2026. States must also implement the law's new 80-hour-per-month work or community engagement requirement for the same population. Together, these changes are projected to reduce Medicaid enrollment by millions. The Urban Institute and KFF projected between 7.5 and 10 million people could lose Medicaid coverage over the next decade from the combined eligibility, work requirement, and verification changes. States that fail to comply with implementation deadlines risk losing enhanced federal matching funds.

Export-Import Bank authorization expires, ending its ability to approve new financing for U.S. exports

The Export-Import Bank's authority to conduct new business expires December 31, 2026, after Congress extended it in 2019 through that date. Ex-Im Bank provides direct loans, guarantees, and insurance to foreign buyers of U.S. exports — primarily backing large aerospace, energy, and manufacturing deals that private banks won't finance. If Congress fails to reauthorize, the Bank can manage existing obligations but cannot approve new transactions. The Bank's China and Transformational Exports Program (CTEP), which targets direct competition with China's state-backed export financing, also sunsets on the same date. The Trump administration launched Project Vault in February 2026 — a $10 billion Ex-Im loan initiative to build critical minerals reserves — which depends on the Bank remaining authorized.

Employer retirement plans must adopt written amendments incorporating all SECURE 2.0 changes by year-end

Employer-sponsored retirement plans — including 401(k), 403(b), SIMPLE IRA, and SEP plans — must formally adopt written plan amendments incorporating all SECURE 2.0 changes by December 31, 2026. Plans that have been operating in good-faith compliance must now codify those changes in their legal documents. Failure to amend by the deadline may cause plan disqualification and loss of tax-advantaged status.

Off-duty ICE agent Brian Palacios shoots and kills Keith Porter Jr. in Los Angeles

Off-duty ICE agent Brian Palacios shot and killed 43-year-old Keith Porter Jr. outside his Los Angeles apartment on New Year's Eve. Witnesses said Porter posed no threat. Court records revealed Palacios had prior allegations of child abuse, racist remarks toward Black and Latino people, and bringing a firearm to a youth sports event. Palacios remained on active duty. Porter's family and attorney alleged the killing may constitute a hate crime and called for the state AG to investigate.

Federal home-efficiency and rooftop-solar tax credits expire under Sections 25C and 25D

Homeowner credit for energy efficiency upgrades (weatherization, insulation, HVAC — up to $3,200/year, Section 25C) and 30% credit for rooftop solar and clean energy systems (Section 25D) both expire.

DOJ document shows 5.2 million Epstein pages under review

A Justice Department document showed that DOJ was reviewing 5.2 million pages of Epstein-related material under the Transparency Act process. The scale of the review helped explain why the department missed the full-release deadline and added a new benchmark for measuring compliance.

US LNG Exports Hit Record 111 Million Tons in 2025, Surpassing Qatar

The United States exported 111 million metric tons of liquefied natural gas in 2025, the first country to surpass 100 million tons in a single year and roughly 20 million tons ahead of Qatar. New capacity from Plaquemines LNG, developed by Venture Global, contributed 16.4 million tons. Europe remained the largest buyer, absorbing the majority of US LNG, while Turkey and Asian markets increased purchases late in the year. The record came after the DOE fast-tracked terminal approvals following Trump executive orders reversing Biden administration export pauses.

BLM Approves 6,000 Drilling Permits in 2025, Highest in 15 Years

The Bureau of Land Management approved 6,106 Applications for Permits to Drill on federal and Indian lands in 2025, the most in any year since 2008 and a 55 percent increase over the prior year. The surge followed Trump executive orders directing agencies to maximize domestic energy production and expedite environmental reviews. BLM reported approving 5,740 federal APDs from January 20 through December 31, 2025, as the agency curtailed National Environmental Policy Act analyses that had slowed permitting under the Biden administration.

Brennan Center: States Passed 31 Restrictive and 30 Expansive Voting Laws in 2025

The Brennan Center for Justice and UC Berkeley's Democracy Policy Lab reported that states enacted 31 restrictive and 30 expansive voting laws in 2025—the most even split since tracking began in 2011. The 31 restrictive laws represented the second-highest total ever recorded, breaking a five-year trend in which expansive laws had outnumbered restrictive ones by at least 1.5 to 1 each year from 2021 through 2024.

Biden proclaims January 2025 National Mentoring Month

President Joe Biden proclaimed January 2025 as National Mentoring Month on December 31, 2024. The proclamation praised mentors who support young people and tied mentoring to federal investments in K-12 schools, AmeriCorps service, the National Partnership for Student Success, Federal Work-Study service opportunities, registered apprenticeships, and the American Climate Corps. Biden encouraged Americans to look for mentoring and tutoring opportunities through AmeriCorps and student-success partnerships. The action mattered because mentoring is not just volunteer charity; it is also part of how schools, service programs, apprenticeships, and community organizations help young people build support networks and paths into work and civic life.

Gun violence causes 48,204 deaths in 2022 second-highest total ever recorded

In 2022, 48,204 people died due to gun violence in the United States, the second-highest total ever recorded. The gun homicide rate decreased 7.5% from 2021, with 19,651 people killed by guns. However, gun suicides reached an all-time high, increasing by 2.7% to 27,032 deaths. Firearm-related injuries became the leading cause of death for children and adolescents aged 1-19 years. Assault-related violence accounts for 64% of firearm-related deaths in youths aged 10-19. States with more restrictive gun laws have lower rates of firearm-related mortality.