An amended version of the One Big Beautiful Bill passed the Senate on Tuesday by a vote of 51-50 (needing Vice President J.D. Vance as a tiebreaker); the bill now bounces back to the House for another vote in that chamber. The House started its procedural processes yesterday (Wednesday).
The Republican leadership goal is to have a bill ready for signature by July 4th. It is not clear if that goal line can still be crossed by the self-imposed targeted date as there may be a greater number of House Republicans sounding off against various changes made by the Senate to the House version sent to the Senate May 22. The Party can afford to lose only three members in a close vote (assuming all Democrats will continue to vote no) and still get the bill passed. Any change to the bill, regardless of how minor, would require it to be returned to the Senate for another vote.
In our post of June 20, 2025, we noted some of the fundamental differences in tax provisions between the version that passed the House and the initial version the Senate was tweaking. Changes to that initial Senate version of the bill released were necessary to obtain the votes to get a bill passed. Some of those changes include a larger SALT deduction more closely aligned with the House version and changes to the phase-outs of various energy credits.
We will continue to monitor the progress of the bill and will be providing a detailed analysis after a final bill is signed into law by President Trump.
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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