After weeks of speculation, President Donald Trump's tax reform bill passed the Senate 51-49 around 2 a.m. Saturday.
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The bill, crafted to encourage more investment by U.S. companies and to boost the country's economic growth, is particularly generous when it comes to commercial real estate developers, the New York Times reports.
The final version of the nearly 500-page tax bill includes last-minute changes such as a larger tax break for pass-through entities, common among real estate developers. The legislation offers a 23% tax deduction for businesses set up as a partnership or entity with a tax burden that transfers to an individual; this deduction used to sit at 17.4%.
Much remains unknown about the Senate's bill, as many changes were scribbled onto the bill at the last minute. TBO reports if left as is, the bill could add $1 trillion to the nation's deficit over the next several decades.
The House of Representatives approved its version of the tax bill on Nov. 16. Now the Republican tax plan is heading to conference committee, where both chambers of Congress will select representatives to help reconcile the House and Senate versions of the bill.
CORRECTION, DEC. 5, 11:30 A.M. ET: A previous version of this story incorrectly listed the top marginal income tax rate in the Senate’s tax bill. The story and headline have been updated.
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