While the LIHTC provisions passed unscathed, Senate Parliamentarian Elizabeth MacDonough reviewed the reconciliation bill and stripped several GOP priorities from it.
- In Context: Under the Byrd Rule, only provisions that affect federal spending or tax revenue can stay in a reconciliation bill, allowing it to pass the Senate with a simple 51-vote majority instead of the usual 60-vote threshold.
What’s Out:
- Cuts to SNAP benefits that would have passed along costs to states;
- Border security and nonimmigrant enforcement measures; and
- A plan to zero out funding for the Consumer Financial Protection Bureau, which amounted to $6.4 billion in savings.
By the numbers: The Joint Committee on Taxation estimates the Senate GOP tax package would cost roughly $441 billion under the “current policy baseline” — a sharp contrast to the House bill’s $3.8 trillion price tag.
- The Senate version of the bill approximates making LIHTC permanent will cost $15,689 billion over the next ten years.
- The House version approximates $14,110 billion, but does not include permanence.
What’s Next: The GOP is regrouping to incorporate rulings from the Senate parliamentarian. They still hope to bring the bill for a floor vote later this week so that it can be sent to President Trump before July 4th.
