IPA News
Senate Begins Final Steps Toward Reconciliation Vote
6.30.25
The Senate has released updated text for the One Big, Beautiful Bill Act, with several positive developments for IPA’s advocacy priorities. Over the weekend, the Senate voted to proceed with formal consideration of the bill and began its amendment process earlier today. A final vote is expected late tonight or early Tuesday, with the House likely to follow later this week. If passed, the bill could be signed into law by Friday, July 4.
Key updates include:
- Section 899 Removed: This provision, which would have taxed foreign corporations and U.S. subsidiaries, was eliminated following strong advocacy from the IPA and other stakeholders.
- BDC Tax Parity Excluded: The Senate bill does not include the House-backed provision to allow BDC dividends to qualify for the Section 199A deduction. IPA will continue pushing for this change.
- QOZ Program Enhanced: Key improvements include rolling five-year deferrals, a new basis step-up schedule, and preserved compliance and transparency requirements.
IPA will continue to monitor developments and share timely updates as the legislation advances.
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