Senate makes it mark on tax credits

The more things change, the more they stay the same

If you thought you had your head around the changes to tax credits introduced by the House in HR 1, sometimes known as the One Big Beautiful Bill Act, well, the Senate has made sure to change almost everything. The bill, as passed by the House, clocked in at 1,038 pages. The Senate’s Finance Committee’s proposed changes encompass 549 pages. It is not the only Senate Committee making changes to the bill. This issue will examine the changes introduced that relate to the Employee Retention Credit, R&D tax credit through the 174 deduction, and Energy credits, and walk through what is yet to come.

Photo by Alexas Fotos.