The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday. However, the version of the bill passed by the Senate differs slightly from the House bill, so the House will have to re-vote to pass the bill as amended.

The Senate vote on the bill was 51–48, split along party lines, with Sen. John McCain, R-Ariz., not voting.

The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small. The Tax Cuts and Jobs Act, H.R. 1, would make sweeping modifications to the Internal Revenue Code, including a much lower corporate tax rate, changes to credits and deductions, and a move to a territorial system for corporations that have overseas earnings.

Here are many of the bill’s business provisions.

WASHINGTON, D.C. – Today, members of the Tax Cuts and Jobs Act (H.R. 1) House-Senate Conference Committee signed the conference report for this legislation and Conference Committee Chairman Kevin Brady (R-TX) filed the conference report in the House. The bill will now move forward to be voted on next week by the entire House of Representatives and Senate.

With this bill, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059.

The Tax Cuts and Jobs Act, H.R. 1, agreed to by a congressional conference committee on Friday and expected to be voted on by both houses of Congress during the week of Dec. 18, contains a large number of provisions that would affect individual taxpayers. However, to keep the cost of the bill within Senate budget rules, all of the changes affecting individuals would expire after 2025. At that time, if no future Congress acts to extend H.R. 1’s provision, the individual tax provisions would sunset, and the tax law would revert to its current state.

The conference committee negotiating changes to the House and Senate tax reform bills has agreed to legislative language that will be sent to both houses of Congress next week for a vote. A majority of the Senate conferees and a majority of the House conferees were required to sign off on the revised bill, which they did on Friday.