Senate Finance Committee Tax Title – Summary and Analysis

On June 16, Senate Finance Committee Chairman Mike Crapo (R-ID) released text of the committee’s tax title for the Senate’s fiscal year (FY) 2025 budget reconciliation bill. The Finance Committee’s tax title (Title VII) makes several modifications to the House’s reconciliation package (H.R. 1), which passed the House on May 22, to address Senate priorities. Significant changes to the House-passed reconciliation package include changes made to the provisions governing state and local taxes (SALT), individual, business and international tax provisions, and energy-tax credits initially enacted by the Inflation Reduction Act. Links to the Finance Committee’s bill text are included below.