The U.S. Senate narrowly passed President Trump’s One Big Beautiful Bill Act today on a vote of 51-50 with Vice President Vance casting the tiebreaking vote. The Council’s legislative agenda is largely wrapped into this bill.
Relative to our top legislative priorities, the bill achieves the following:
- Permanent extension for the 199A provision of the Tax Cuts & Jobs Act, impacting pass-through entities
- No changes to tax treatment of employer-sponsored health insurance
- Full restoration of 163(j) policies, increasing the deduction for business interest expenses
Access the detailed analysis from our partners at Steptoe. (Council member login required).
The bill is now sent to the U.S. House of Representatives where they must adopt the Senate-changed bill –by a majority vote –for it to go to the President’s desk for signature. We could see a vote as early as tomorrow afternoon.
The One Big Beautiful Bill Act is a partisan measure, but Republican House Leadership cannot afford to lose more than three votes for the bill to pass the House.
We are optimistic about our priorities, but we remain guarded until the bill is signed into law and will keep you apprised of further developments as they unfold.
More information on The Council’s legislative priorities can be found here.