Business breaks, ‘revenge tax’ tweaked in Senate bill

Senate Draft Sets off Intraparty Debate

Senate Republicans’ answer to the House tax-and-immigration package takes a softer stance on the so-called “revenge tax,” makes a trio of business tax breaks permanent, and slows the phaseout of Democrats’ clean energy credits.

Release of the Senate Finance Committee’s highly anticipated text sets off intraparty fights over spending cut levels, the state and local tax deduction, and other policy priorities. Lawmakers are racing to meet a self-imposed deadline of July 4 to have a bill for President Donald Trump to sign.

Senate Majority Leader John Thune (R-S.D.) said late Monday he still expects ...