Senate Republicans indicated a tentative deal for a FY 2018 budget agreement that could set the stage for tax reform.
Because the Senate would like to pass tax reform with a simple majority — rather than the 60-vote threshold in place for most measures — it must pass what are called “reconciliation instructions” for the next fiscal year.
Though details of a deal were unclear, passing a budget is the first step that will allow the House and Senate to build a framework for an overhaul of the tax code.
Pro-business tax reform could lower the cost of doing business for small business owners. A tax package could contain incentives for installation of renewable energy technologies such as geothermal heat pumps.