Your Voice Matters. Urge your representatives in Congress to extend and enhance the tax provisions of the TCJA.
On June 16, Senate Finance Committee Chairman Mike Crapo (R-ID) released text of the committee’s tax title for the Senate’s fiscal year (FY) 2025 budget reconciliation bill.
The Finance Committee’s tax title (Title VII) makes several modifications to the House’s reconciliation package (H.R. 1), which passed the House on May 22, to address Senate priorities. Significant changes to the House-passed reconciliation package include changes made to the provisions governing state and local taxes (SALT), individual, business and international tax provisions, and energy-tax credits initially enacted by the Inflation Reduction Act. Links to the Finance Committee’s bill text are included below.
The Senate Finance Committee is not expected to mark up the committee’s tax package. Instead, the committee’s tax title will be offered as a substitute when the Senate begins consideration of the House bill. If negotiations proceed smoothly, Senate Republicans aim to finalize parliamentarian review this week and release the bill as early as Monday, June 23. The Senate is expected to consider the bill later this week, with a vote-a-rama and final passage potentially over the weekend. Once passed by the Senate, the bill will be returned to the House for its approval or further amendment before the bill can be presented to President Trump for his signature.
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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