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Schumer pledged to move ahead with a procedural vote Tuesday afternoon on legislation that would, at minimum, fund semiconductor manufacturing grants and tax incentives through 2026.Â
Democrats included a temporary solution, delaying the shift from this year to the start of 2026, in their $2.2 trillion climate and social safety net bill.
Under the House bill, the Department of Health and Human Services would negotiate prices for insulin and up to 10 drugs without generic competition in 2025, 15 drugs in 2026 and 2027, and 20 drugs afterward
Now the bill includes a one-year expansion and almost $4 billion available through 2026 for the IRS, along with another $1 billion for the Treasury Department to support enrollment and administration
Under the proposal circulating on Capitol Hill, the current $10,000 limit on SALT deductions would be repealed for the 2021 through 2025 tax years, then reinstated from 2026 through 2030 in Democrats
A change to how companies count research and development expenses, which would’ve undercut their ability to deduct that spending, would be pushed off to 2026.
The potential compromise would mean enacting the House proposal through 2026 before moving to the Senate’s consolidated format.