The Senate Finance Committee (SFC) released its widely anticipated portion of the One Big Beautiful Bill Act on June 16, 2025. Highlights of the bill’s tax provisions include permanent deductibility of domestic research and development expenditures, cuts taxes on tips and overtime, renders 100% bonus depreciation permanent, restores increased business interest expense deductibility, and cuts clean energy credits.
The SFC’s legislative text does not follow all aspects of the House’s version, including maintaining the cap on deductions for state and local taxes at $10,000 and limiting the benefits of PTE tax workarounds. The bill also softens the cuts to clean energy credits and raises the debt ceiling by $5 trillion rather than the $4 trillion proposed by the House. From here, the bill goes into negotiations and deliberation as the Senate prepares for a floor vote. Republicans in Congress hope to get a final bill signed by President Trump on or before July 4.
As the bill makes its way through the legislative process, Forvis Mazars is helping you track, understand, and navigate the legislative changes. We have published a legislative tracker that follows the changes to the bill as they come out and will be publishing additional resources as the bill goes through the Senate. Additionally, our team of professionals are available to assist as you work through how these changes effect your business. You can contact a member of our team here.
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