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Miss last night’s bill drop and looking for a breakdown of the major changes between the House and Senate’s reconciliation tax bill text? We’ve got you covered. Read my mainbar with Doug Sword here: taxnotes.com/tax-notes-toda…

The Senate’s reconciliation bill proposes several tweaks to clean energy tax provisions and would slow the phaseout of some tax credits relative to the House-passed bill. Read more from Katie Lobosco: taxnotes.co/3HI8IS0

A key Senate negotiator on Republicans’ state and local tax deduction provision talks said the final landing point for the controversial measure will adjust its income threshold rather than the cap itself. From Cady Stanton and Doug Sword: taxnotes.co/4l1FFrA

Senate Republicans have proposed scaling back President Trump’s tax relief provisions on tips, overtime pay, and car loan interest in a move that would save nearly $71 billion compared with the House-passed version. Katie Lobosco has the story: taxnotes.co/4eiPuyK

Thune on reconciliation bill votes: "I just think when push comes to shove, you're looking at whether or not you're going to allow the perfect to become the enemy of the good" Remains unclear when Byrd bath will finish up and new text will be released

JUST IN: The IRS has lost over 26,000 employees and will likely struggle to meet taxpayer needs next filing season without more hiring, according to National Taxpayer Advocate Erin Collins. Read more from Ben Valdez: taxnotes.co/4ltZrvH

Such a fun time talking softball and politics with two of the best in the biz! This year's CWSoftballGame is just three weeks away (happening this year at Audi Field!) and you can get your tickets here: congwomensoftball.org

John Thune, is pushing his chamber to start the voting process for the reconciliation tax bill June 27, even as major issues over the SALT deduction, energy tax credits, and Medicaid remain unresolved. Read the latest from Katie Lobosco: taxnotes.co/3ZRKRWp

And now there’s more work to do after the parliamentarian said some Medicaid cuts can’t be in the bill

For those keeping score at home, that'd be a $116 billion chunk out of the House bill and a $52 billion chunk out of the Senate bill. That said, the revenue here was always a bit speculative, given part/all of the intent of 899 was to get countries to change their behavior.

Bessent asks Senate and House to remove section 899 from OBBB

Great OBBB breakdown from Lisa Desjardins

At a White House presser, Trump appears to loosen his July 4 deadline for OBBB: “It’s not the end all”

JUST IN: The Senate advanced Republicans’ tax-focused reconciliation package, returning the bill to the House where it could face another challenging vote. Katie Lobosco has the latest: taxnotes.co/3TOrABE

Coolest OBBBA provision: temporary full expensing for some buildings. Normally, commercial buildings must be depreciated over 39 years—significantly raising the cost of capital. A temporary, limited reform isn’t perfect, but it lays the groundwork for broader progress.

The One Big Beautiful Bill Act is now a presidential signature away from becoming law. I have new versions of my charts, comparing pre-OBBB law to OBBB for a number of key provisions. Now with 10-year budget impact included. Web links for each of these in the next tweet!

JUST IN: The House passed Republicans’ tax-focused reconciliation package, sending the bill to President Trump’s desk for his signature and meeting party leaders’ self-imposed July Fourth deadline. Katie Lobosco has the latest: taxnotes.co/4lD3Psf

The only two House Republicans who voted NO, Thomas Massie & Brian Fitzpatrick, explain why:

Something to look out for as the OBBB gets implemented: Rep. Norman said earlier in the day that Trump gave him assurances that he'll use executive power to "make the bill better," when it comes to wind and solar energy tax credits

What a sprint! In my first four months at Tax Notes, I've covered how the massive tax bill moved through the House, Senate and back for to the House for the final vote today, meeting Trump's July 4 deadline.