Finance Committee releases tax title for Senate version of budget reconciliation bill
Senate bill makes several modifications to the House bill
The Senate Finance Committee today released legislative text of the tax title to be included in the Senate’s version of the budget reconciliation bill.
Like H.R. 1 (the budget reconciliation bill known as the “One Big Beautiful Bill Act”) passed by the House of Representatives on May 22, 2025, the Senate’s version of the legislation would generally make the tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) permanent, and also introduce several new tax benefits proposed by the president during the campaign and a host of revenue-raising provisions.
The Senate bill does make several modifications to the House bill, however. For example, the Senate bill would make numerous international tax changes in the global intangible low-taxed income (GILTI), foreign-derived intangible income (FDII), and base erosion and anti-abuse tax (BEAT) provisions. It would also modify the phase out rules for several of the Inflation Reduction Act’s energy credits as compared to the House-passed legislation.
Read the Finance Committee section-by-section description.
KPMG will provide preliminary analysis and observations on the Senate version of the legislation soon. We will also soon be updating our reports with analysis and observations on the legislation—available on our dedicated website.