Summary of Key Tax Changes from Senate Finance Committee

The Senate Finance Committee released their provisions for the One Big Beautiful Bill on Monday. We review some of the key provisions that are different from the House proposal.

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The Senate Finance Committee released their proposals for the One Big Beautiful Bill on Monday. In most cases, the followed the House proposal but there are several key changes, and the changes are material in some cases and will certainly require negotiation between the House and Senate to get it across the finish line.

We will summarize some of the key changes from the House version in this post and will provide additional clarity as we get more details.

• Increases the child tax credit to $2,200 for 2025 and makes it permanent and indexed to inflation. The House had it at $2,500 for four years and then back to $2,000 after that date.