On July 1, the Senate approved its version of “The One Big Beautiful Bill Act,” containing several provisions relevant to tax-exempt organizations. Importantly, certain proposed amendments contained in draft legislation released by the Senate Finance Committee two weeks ago (covered in our prior Alert here) were removed from the approved bill following a determination by the Senate Parliamentarian that those provisions were outside the scope of what could be approved by the Senate under the reconciliation procedure. The Senate-approved legislation is substantially different from that approved by the House last month (covered in our prior Alerts here and here). The House must now approve the Senate’s version, or the two chambers must work to reconcile those differences, before the legislation can be sent to the President for signature. READ MORE