The Senate Finance Committee released its section of the “One Big Beautiful Bill,” which differs from the House-passed version. It reduces the SALT cap deduction to the existing $10,000, which public reports indicate is a placeholder for negotiations.
The Senate bill also raises the Debt Ceiling by an additional $1 trillion to $5 trillion, has a more generous Child Tax Credit, lowers health care provided taxes in states that expand Medicaid to 3.5% instead of the 6% in the House bill, and phases out green energy tax subsidies at a slower rate than the House legislation. It is not yet clear whether the Low Income Housing Tax Credits have been changed in the Senate version.
This situation is fluid and likely to change. We will report accordingly as details warrant.
Contact: Paul Penna, Director of Government Affairs, ppenna@njlm.org, 609-695-3481, x110.