Senate Proposes Major Changes to House Tax Bill

25 June 2025

Senate Republicans are advancing their version of a sweeping reconciliation tax bill, introducing significant changes to the House-passed proposal as they aim for a July 4 passage. The Senate draft would permanently restore 100% bonus depreciation and research expensing, modify key international tax rules like GILTI and FDII, adjust energy credit phaseouts, and make Section 199A and the SALT cap permanent. While the timeline remains fluid and major negotiations are ongoing—particularly around SALT, energy credits, and deficit concerns—the direction of the bill is becoming clearer. Taxpayers should begin evaluating the potential impacts and planning strategies accordingly.

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