What We're Tracking in DC
"One Big Beautiful Bill" in the Senate
After midnight Saturday morning, the Senate Budget Committee released a revised version of the reconciliation package, making changes that address violations of the Byrd Rule and issues raised by members of the Republican conference.
The Senate’s Revised Text:
- Excludes the tiered increase to the private foundation excise tax;
- Retains the expanded increased non-itemizer charitable deduction set at $1,000 for single filers and $2,000 for joint filers;
- Maintains the 0.5 percent floor on charitable contributions for itemizers;
- Includes a 1-percent floor on charitable contributions for corporations.
See the Council’s updated summary and additional resources for more information. Until the bill is on the President’s desk, negotiations will continue and changes may still happen. Majority Leader Thune is expected to offer a wrap-around amendment that contains remaining changes to comply with the Byrd Rule and agreements negotiated with Republican Senators.
What Happens Next?
Senate passage is expected sometime on Monday, though it could stretch into Tuesday, barring any additional complications. Next, the bill will head back to the House for consideration. Speaker Johnson intends for the House to vote this week to meet Republicans’ and President Trump’s July 4th deadline.
If you have questions, please reach out to our Government Affairs team at govt@cof.org.
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