A U.S. Senate panel proposed making the tax credit for capturing carbon emissions for recovering oil equal to the $85/metric ton tax credit for permanently burying those emissions underground, a boon for oil and gas producers.

For many families, another key source of savings is the child tax credit. Senate Republicans proposed permanently increasing the credit available to parents, which would be set at $2,200 per child, beginning in the 2025 tax year. House Republicans had proposed to bump up the credit to $2,500, but only through 2028.

Solar stocks slid after Senate Republicans detailed revisions to the House's tax-and-spending bill that included fully phasing out wind- and solar-tax credits. The Senate's plan would see credits phased out from 2026,

Senate Republicans are proposing deeper Medicaid cuts, including new work requirements for parents of teens, as a way to offset the costs of making President Donald Trump’s tax breaks more permanent.

Senate Republicans on Monday released details on the most contentious elements of the sweeping legislation to enact President Trump's second-term agenda.

U.S. Senate Republicans on Monday unveiled proposed changes to President Donald Trump's sweeping tax-cut and spending bill that would make some business-related tax breaks permanent while making more limited the deduction for state and local income taxes,