Senate Passes $740B Reconciliation Package; Drops MBA-Opposed Carried Interest Provision

After hours of procedural debate on Saturday afternoon, followed by a marathon overnight “vote-a-rama” (a series of amendment votes – none of which pertained directly to real estate finance), the Senate on Sunday passed an amendment in the nature of a substitute to H.R. 5376, now known as the Inflation Reduction Act, by a 51-50 vote (Vice President Kamala Harris breaking the tie).