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On June 16, Senate Finance Committee Chairman Mike Crapo (R-ID) released text of the committee’s tax title for the Senate’s fiscal year (FY) 2025 budget reconciliation bill.
The Finance Committee’s tax title (Title VII) makes several modifications to the House’s reconciliation package (H.R. 1), which passed the House on May 22, to address Senate priorities. Significant changes to the House-passed reconciliation package include changes made to 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 is not expected to mark up the committee’s tax package. Instead, the committee’s tax title will be offered as a substitute when the Senate begins consideration of the House bill. If negotiations proceed smoothly, Senate Republicans aim to finalize parliamentarian review this week and release the bill as early as Monday, June 23. The Senate is expected to consider the bill later this week, with a vote-a-rama and final passage potentially over the weekend. Once passed by the Senate, the bill will be returned to the House for its approval or further amendment before the bill can be presented to President Trump for his signature.
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