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Senate Finance Committee Releases Full Text of Tax Package: 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, as well as a section-by-section summary of the bill and an overview of the bill.
The Finance Committee’s tax title makes several modifications to the tax title included in the House’s reconciliation package (H.R. 1) that passed on May 22, including State and Local Taxes (SALT), Business Tax Provisions, Semiconductor Manufacturing, Pass-through Deduction, and Clean Energy Credits.
Finance Committee Democrats Release JCT Analysis Concerning Section 199A Deduction: On June 10, Senate Finance Committee Ranking Member Ron Wyden (D-OR) published an analysis by the Joint Committee on Taxation (JCT) showing the distributional analysis of the provision in the House-passed reconciliation package that extends the Section 199A Qualified Business Income deduction and increases its rate from 20% to 23%. The analysis finds that almost half of the benefit of extending the deduction would go to individuals with annual incomes of over $1 million, and over two-thirds of the benefit would go to individuals with incomes over $500,000. Ranking Member Wyden claimed that, based on the findings, the provision would not largely benefit “true small businesses.”
Republican Senators Consider Preserving 45V Tax Credit: Senators are considering preserving the Section 45V Clean Hydrogen Production Credit, which is currently on the list of provisions eliminated under the OBBB that passed the House in late May. The credit, offering up to $3 per kilogram of hydrogen, is currently set to run through 2033 but would be cut off for new projects starting after 2025 under the House plan. Sens. John Cornyn (R-TX) and Shelley Moore Capito (R-WV), who both have hydrogen projects in their states, have expressed support for extending the eligibility timeline to ensure that the construction of domestic hydrogen hubs moves forward.
Treasury Department Considers Proposals to Revoke Colleges’ Tax-Exempt Status Based on Admissions Criteria: According to officials in the Treasury Department’s Office of Tax Policy (OTP), the department is considering proposals that would revoke a college’s tax-exempt status if it considers race in financial assistance, loans or other admissions criteria. The regulations, which would take the form of Internal Revenue Service (IRS) revenue procedures, are reportedly being reviewed at OTP. The move comes amid scrutiny by the Trump administration over the tax-exempt statuses of several educational institutions, though a White House official said that the IRS would enact this revenue procedure independently and without direction from the president.
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