The Senate Finance Committee released its portion of the Republican reconciliation bill. Of note, the bill includes SWACCA-advocated provisions making the Section 199A deduction for pass-through businesses permanent but reduces the percentage from 23% in the House-passed bill to 20%. The bill also includes SWACCA-advocated provisions that revive favorable expensing provisions from the 2017 Tax Cuts and Jobs Act for machinery and equipment and makes them permanent.
Importantly, the legislation does not include offsets to the bill that SWACCA opposed, including a cap on the deductibility of employer-provided health insurance premiums and changes to the tax treatment of municipal bonds. The legislation also does not eliminate the SWACCA-supported bonus credit for paying prevailing wages and using apprentices on projects that receive tax credits under the Inflation Reduction Act (IRA). Like the House-passed bill, however, this victory is limited as the bill proposes to phase out these credits earlier than the IRA. A section-by-section on the bill is available here and an overview of the bill from Senate Finance is available here.