The tax code overhaul was a key campaign pledge for President Donald Trump and other Republican Party leaders—and marks a step towards the party's first significant legislative victory since the president took office.
So which industries and individuals will benefit from the change and who will lose out?
The most wealthy
The US' richest citizens will benefit from the reforms, notably those who earn $500,000 (422,000€) individually or $600,000 (506,400€) in a couple—for whom the tax rate will drop from 39.6 percent to 37 percent.
The rewrite includes a headline-grabbing reduction in corporate tax to a single rate of 21 percent, which will have consequences for all businesses whether positive or negative.
Current law sees a range of rates from 15 percent, to up to 35 percent for companies with a taxable income over $10 million.
Multinational corporations will benefit from the switch to a so-called territorial system, meaning they pay lower or no taxes on overseas earnings.
Profits held abroad will also see an ultra-low tax rate imposed at 8 percent on illiquid assets and 15.5 percent on liquid assets—a win for corporations and shareholders alike.
Industries that will most benefit from the reform between 2018 and 2027 are mining, hospitality and holding companies, according to a Penn Wharton Budget Model estimate.
These businesses can best make use of the allowance for short-lived equipment, with the model estimating the average effective tax rate for the mining industry pre-reform at 16 percent in 2018, and at just 7 percent if the bill passes.
Private secondary schools
The use of tax-privileged education savings accounts, also known as 529s, is to be extended in the new plan.
Reforms would allow parents up to $10,000 (8,439€) to pay for private or religious schools.
The arts and recreation industries
Along with entertainment, these industries look set to bear the brunt of the changes, with the Penn Wharton model estimating an increase in taxes to be paid between 2018 and 2027.
Future non-commercial taxpayers
Around 80 percent of current US taxpayers will enjoy lower payments in 2018, according to the Tax Policy Center, but this provision expires 2025.
The centre estimated that the initial benefits of this decrease will lapse by 2027, with 53 percent of taxpayers, many of whom are in the lowest income bracket, seeing higher bills.
Americans purchasing health insurance
Current laws see anyone that hasn't bought health insurance receive a tax penalty and the new plan would repeal this mandate.
Analysts predict that this will lead people to stop buying health insurance, which will subsequently drive prices up.
The bill does contain a counterbalance to this issue in the form of a temporary deduction for medical expenses.
The new bill contains a measure that opens up Alaska's Arctic National Wildlife Refuge (ANWR) to oil and natural gas drilling.