After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would preserve without significant change many tax-related items from the House bill. There are several provisions, however, where the Senate bill varies from the version the passed the House earlier. The Senate-passed legislation will now head back to the House, where its fate is somewhat uncertain.
We previously covered several of the relevant tax provisions when House passed its version of the reconciliation bill. This article is part of a series of articles examining how those provisions would change under the Senate’s legislation.
The Senate-passed bill contains a new edition of the No Tax On Tips provision, adopting aspects of the provision included in both the House reconciliation bill passed by the House of Representatives (the “House Bill”) (see prior coverage) and in the previous standalone Senate bill on No Tax On Tips (“S. 129”) (see prior coverage).Continue Reading Senate Reconciliation Bill Retains No Tax on Tips Provision with Some Changes