Rolling back the SALT deduction cap is still opposed by many progressive lawmakers.
The temporary moratorium on federal student loan payments expires at the end of the month.
An agreement has emerged to exclude millionaires from expanded state and local tax deductions.
Sen. Bob Menendez wants the largest tax break possible, while Sen. Bernie Sanders is looking for a more modest cut.
The Business Roundtable argues that the negative impact of tax hikes negates the good parts of the legislation.
Sen. Bernie Sanders said on Monday he wants the reworked SALT deduction to raise revenue for Medicare benefits.
Many of those earning only single-digit millions of dollars could end up with a tax cut.
The legislation that passed the House Friday calls for raising the cap on state and local tax deductions to $80,000.
Senators Bernie Sanders and Bob Menendez are leading talks to cap the tax break by income.
Middle-income taxpayers with substantial state and local tax bills would also reap benefits.
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