Leaders from the House and Senate have reconciled their two versions of the tax bill and are now prepared to move forward with a vote next week, according to CNN.
Here are the four most important things you need to know about the bill and its ability to pass through the House and Senate.
1. Sen. Bob Corker, R-Tenn., the only Republican to previously vote against the tax bill, announced Friday he would now support the legislation.
"After many conversations over the past several days with individuals from both sides of the aisle across Tennessee and around the country — including business owners, farmers, chambers of commerce and economic development leaders — I have decided to support the tax reform package we will vote on next week," Mr. Corker said.
2. Sen. Marco Rubio, R-Fla., said he would only support the tax bill if the refundable part of the child tax credit was raised. On Friday, GOP leaders announced the refundable portion of the proposed $2,000 credit would be raised from $1,100 to $1,400, and Mr. Rubio said he would support the bill, according to CNBC.
3. Republicans are now working on locking down the remaining votes to ensure the bill's passage next week, though GOP aides have said the House and Senate would not have locked in language unless they were confident they had the votes, according to CNN.
4. The House is likely to vote first on Tuesday, with a Senate vote coming later that day or Wednesday, according to CNN.