02/08/2024

Senate GOP Wants Changes to House-passed Tax Bill

Last week, the House passed the bill by a vote of 357-70

Senate Republicans continue to push for changes to the House-passed tax bill that pairs an expanded Child Tax Credit with pro-business tax breaks.

According to Punchbowl News, there is some Senate GOP support for passing the $80 billion tax bill as-is, but critically, not from within the Senate Finance Committee. No decision has been made as yet on whether to hold a committee markup.

The bipartisan bill would restore GOP-supported business interest deductions; full deductions for research and development expenses and an extension of bonus depreciation. In return, Democrats would get an expanded Child Tax Credit – extending access for lower-income families and adjusting the $2,000 maximum benefit for inflation. In a rare show of bipartisan support, the House last week passed the bill by a vote of 357-70.

Sen. Todd Young (R-IN), who sits on Senate Finance, told Punchbowl News his colleagues are aware that a committee markup will be tricky for Republicans given that Democrats have a one-seat majority on the panel.

"We all know the challenge there is when you start considering amendments on a tax package, anything becomes fair game," Young said. "And I am not confident that the end product will be something that we have enough support for. But it’s a dynamic situation."

This article was provided to OSAP by ASAE's Power of Associations and Inroads.