U.S. Senate Releases Revised Big Beautiful Bill Language

The U.S. Senate narrowly approved a procedural motion (51–49) Saturday night to begin debate on H.R. 1, the tax and spending reconciliation package. Every Democrat and two Republicans—Senators Thom Tillis (R-NC) and Rand Paul (R-KY)—voted against advancing the bill.
 
While debate has officially begun, several Republican senators remain opposed to H.R. 1 in its current form, increasing the likelihood that Vice President JD Vance may need to cast a tie-breaking vote.
 
As drafted, the bill would:

• Make permanent the Trump-era tax cuts
• Raise the cap on state and local tax (SALT) deductions to $40,000
• Introduce new deductions for tipped and overtime income
• Increase the child tax credit, with adjustments for inflation
• Extend the debt ceiling by $5 trillion
• Allocate significant funding for border security and defense

Notably, the legislation does not include changes to the federal income tax exemption for credit unions, nor does it propose any new actions affecting the National Credit Union Administration (NCUA) or the credit union regulatory framework.
 
However, given the bill’s size and political complexity—and with negotiations continuing ahead of the July 4 deadline. CrossState is maintaining a vigilant advocacy posture by:

• Monitoring Senate floor debate and potential conference committee amendments for any credit union impact
• Coordinating with America’s Credit Unions and League partners nationwide to ensure a unified message
• Engaging Pennsylvania’s and New Jersey’s congressional delegations if provisions arise that could affect credit unions

Credit unions may currently remain outside the scope of H.R. 1 but keeping it that way requires coordination and continued advocacy as the legislative process unfolds. Your Advocacy Team will provide updates as Congress finalizes H.R. 1 negotiations.