On June 28, 2025, the Senate Budget Committee released a Manager’s Amendment of the “One Big, Beautiful Bill” (the “Senate Manager’s Amendment”). Among other things, the Senate Manager’s Amendment removes the “revenge tax” provisions of Section 899 from the tax bill, restores a $40,000 SALT deduction cap (through 2029), eliminates limitations on PTET deductions and further modifies renewable energy incentives including terminating tax credits for solar and wind energy after 2027 and imposing a new excise tax on future solar and wind energy facilities. In addition, the Senate Manager’s Amendment revises certain of the international tax provisions that had been introduced by the Senate Finance Committee draft.