Senate Finance Committee Tax Title – Summary and Analysis

On July 1, the Senate passed H.R. 1, the One, Big, Beautiful Bill Act (OBBA) by a vote of 51-50. The Finance Committee’s tax title (Title VII) addressed Senate tax-policy priorities by making significant modifications to the House’s reconciliation package (H.R. 1). Major changes to the House-passed reconciliation package include modification of the provisions governing state and local taxes (SALT), individual, business and international tax provisions, and energy-tax credits initially enacted by the Inflation Reduction Act. Links to the Finance Committee’s bill text are included below.
 
The Senate Finance Committee did not mark up the committee’s tax package. Instead, the committee’s tax title was offered as a substitute originally released on June 16 and updated on June 27, which was revised further by the Senate’s final perfecting amendment during its consideration of the House bill. Following its passage by the Senate, the bill returned to the House for its final approval before the bill is presented to President Trump for his signature.

To read the section-by-section breakdown, please click here.

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