Senate Finance Committee Chairman Ron Wyden (D-OR) on 11 December released 1,180 pages of draft Finance amendment bill text for Senate consideration of the “Build Back Better” reconciliation bill (H.R. 5736). The Finance amendment bill text would amend H.R. 5736 as passed on 19 November by the House. Chairman Wyden noted that the bill text is subject to further revisions.
Chairman Wyden stated that the Finance amendment includes both substantive changes and technical modifications to tax provisions in the House-passed bill, but does not address some issues, including the House provision increasing the cap on individual itemized deductions for state and local taxes. The Finance amendment also includes some new provisions.
Senate Democrats currently are preparing for floor action on the Build Back Better legislation. As part of that effort, Chairman Wyden and other Senate committee leaders are releasing bill text for review by the Senate parliamentarian to determine if each provision of the overall legislation complies with Senate budget reconciliation rules.
Senate Majority Leader Chuck Schumer (D-NY) has stated that he wants the Senate to begin voting on amendments to H.R. 5376 during the week of December 13, but it seems increasingly likely that Senate action on the legislation could be delayed until later in the month or early next year.