The amended text temporarily raises the SALT cap to USD 40,000, accelerates the phase-out of green energy credits, and eliminates proposed Tax Code Section 899 on foreign tax remedies.

The Senate Budget Committee Chairman, Lindsey Graham,  released the updated text of the budget reconciliation bill, the One Big Beautiful Bill, on 28 June 2025.

Earlier that night, senators voted 51-49 to advance the bill. The bill was read in full on 29 June, followed by up to 20 hours of debate and potential amendments.

The key amendments include a temporary increase in the state and local tax (SALT) deduction cap to USD 40,000 and an accelerated phase-out of certain green energy credits.

This follows after Senate Republicans introduced their version of President Donald Trump’s tax-cut and spending bill, also called the “Big, Beautiful” Tax Bill, on 16 June 2025, which aligns with the legislation recently passed by the House.

The One, Big, Beautiful Bill makes the 2017 Trump tax cuts permanent, adds tax relief for working families and small businesses, and rewards American investment and manufacturing.

On 28 May 2025, Trump announced plans to renegotiate parts of the bill, expressing mixed feelings about certain provisions.

The US House Ways and Means Committee passed the Big, Beautiful Bill by the House of Representatives on 22 May 2025.

The amendments also included removing proposed Tax Code Section 899, “Enforcement of Remedies Against Unfair Foreign Taxes.” Also dubbed a “revenge tax,” Section 899 allows for increased US taxes on foreign countries with taxes, such as the Pillar Two UTPR, digital services taxes (DSTs), diverted profits taxes (DPTs), or other extraterritorial taxes.

Earlier, US Treasury Secretary Scott Bessent announced, on 27 June 2025, that the US has reached an agreement with the other G7 countries (Canada, France, Germany, Italy, Japan, and the UK) to exclude US companies from Pillar Two taxes.

After amendment votes, the Senate will hold a final vote. If passed, the bill will return to the House before being signed into law by President Trump.