Tax Bill Vote Hinges on Must-Pass Aviation Bill

By Melanie Waddell

News May 08, 2024 at 02:09 PM

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Senate passage of the House-passed tax bill that includes 100% bonus depreciation, the Tax Relief for American Families and Workers Act of 2024, H.R. 7024, hinges on a reauthorization bill for the Federal Aviation Administration that is being debated on the Senate floor Wednesday and must clear the chamber by Friday.

Debate over amendments is holding up a vote on the bill, Sen. John Barrasso, R-Wyo., said Wednesday at a legislative event on Capitol Hill held by BakerHostetler.

"I don't know that there's a vote today," he told ThinkAdvisor.

The tax bill was filed as an amendment Tuesday, a spokesperson for Senate Finance Committee Chairman Ron Wyden, D-Ore., told ThinkAdvisor.

"It's going to take a lot of cooperation to get this complicated bill done," Senate Majority Leader Chuck Schumer, D-N.Y., said Tuesday on the Senate floor. "Thankfully, we have made some good progress over the last few days on germane amendments, and we hope to finish our work in time for the House to act on our bill."

Barrasso explained: "Many people believe this is the last bill that's going to pass for a while — so they're trying to tack on a number of things that aren't in any way related … because they think it's going to pass, and they think so many of these others [bills] would never pass on their own."

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