The House of Representatives narrowly passed (215-214) the tax and spending reconciliation package (the One Big Beautiful Bill) earlier this morning.
It will now move onto the Senate (which will likely not take up the Bill until June 2 at the earliest after returning from recess.) It is expected that the bill will face tough negotiations between Republican Senators in its current form.
Early press reports indicate that the amendments to the original proposal include an acceleration of Medicaid work requirements, an earlier ending to many energy credits, funding to reimburse states for border security, a modest increase in the SALT deduction (although it continues to contain income limitations), removal of the provision treating name and logo royalties as unrelated business taxable income, and modifications to the provisions regarding excise tax on excess compensation and the net investment income of certain private foundations from the original proposal that came out of the House Ways and Means Committee.
For more information on the tax provisions of the bill, please see our article from May 15, 2025.
Please note: This article was written before the final version of the bill became law, so some information may no longer be current.
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