On June 16, 2025, the Senate Finance Committee released its version of the tax provisions in the “One Big, Beautiful Bill.” The SFC version makes many modifications to the House Bill, including a one-year extension to the applicable date of Section 899 “revenge tax” provisions, rejection of an increase to the SALT cap and making permanent domestic corporations’ ability to take certain tax deductions. The SFC version also contains significant new changes, not contained in the House Bill, to the U.S. taxation of U.S.- and foreign-parented multinationals.