Senate Finance Committee Releases Draft Reconciliation Text
6.18.25
The Senate Finance Committee released a draft of its portion of the “One Big, Beautiful Bill Act” (OBBBA) reconciliation legislation. The proposal aligns with the House version in key areas but also diverges on several tax-related provisions important to IPA and the alternative investments industry.
Notable updates include:
- Making the Section 199A QBI deduction permanent (at 20%)
- Excluding BDCs from QBI eligibility (unlike the House bill)
- Scaling back the proposed foreign company tax (Section 899)
- Permanently extending the Qualified Opportunity Zone Program, with IPA-supported reforms
While still in draft form, the legislation signals significant momentum. IPA will continue engaging with lawmakers to ensure our industry’s priorities are reflected in the final package.
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