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Updated Senate tax bill ends individual tax cuts in 2026, keeps lower corporate rate

An updated version of the tax bill was released. Photo: J. Scott Applewhite/AP

Senate Finance Committee Chairman Orrin Hatch released the revisions to the Senate tax plan tonight. The new version sunsets most of the individual tax provisions after 2025, but makes the lower corporate tax rate permanent. It also repeals the Affordable Care Act's individual mandate.

What we're watching: Whether ending individual tax cuts — as well as repealing the individual mandate — while keeping the lower corporate rate sinks the bill. Making the rates temporary was done to make the bill comply with Senate budget rules for the process the GOP is using to pass the bill.