Republican tax negotiators struck a deal on their tax reform legislation just ahead of conferees’ first open meeting scheduled for Wednesday afternoon.
Details on the sweeping changes to the tax code are slated to be released later in the day.
The measure is expected to include language dropping the corporate interest rate to 21 percent — 1 percent higher than conservatives had pushed for — while capping the mortgage interest deduction at $750,000.
Top Republicans said they expect the final bill to set the deduction for pass-through businesses at 20 percent and lower the top individual rate.
Conferees were scheduled to meet with President Donald Trump for lunch Tuesday afternoon before they began the House-Senate public meeting at 2 p.m.
Republicans are aiming to pass the legislation through both chambers before the end of next week.