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Last Updated Dec 19, 2017 3:08 PM EST

The House on Tuesday afternoon passed the Republican tax overhaul plan. The Senate will take it up later in the evening.

Lawmakers approved the bill in a 227-203 vote. Treasury Secretary Steve Mnuchin sat in the Speaker’s box inside the chamber, observing the vote.

“This is the greatest example of a promise being made and promise being kept,” Speaker Paul Ryan, R-Wisconsin, said at a press conference a few hours before the vote.

GOP lawmakers from both chambers struck a deal last week on the tax plan and released the legislative text on Friday. The tax plan also includes a repeal of the Obamacare individual mandate.

Here are the details of the final tax agreement, according to highlights from the conference committee:

  • Eliminates penalty under the Affordable Care Act for failing to have health insurance
  • Lowers corporate tax rate from 35 percent to 21 percent (higher than the original 20 percent in the House and Senate bills)
  • Reduces top effective marginal tax rate for S corporations to a top rate of 29.6 percent, allowing for a 20 percent tax deduction that applies to the first $315,000 of joint income earned by all S-corporations
  • Eliminates corporate Alternative Minimum Tax (AMT); increases the exemption amount from the AMT for individuals
  • Keeps seven individual tax brackets, although those brackets would change.
  • Continues to exempt the value of tuition waivers from taxes (the GOP had considered counting tuition waivers as income, and thus, taxable.)
  • Increases the refundable portion of the child tax credit to $1,400, thanks to Sen. Marco Rubio’s insistence. The overall child tax credit will increase from $1,000 to $2,000.
  • Roughly doubles the standard deduction, from $6,350 to $12,000 for individuals, and from $12,700 to $24,000 for married couples filing jointly
  • Preserves the child adoption tax credit
  • Allows filers to write off the cost of state and local taxes, but only up to $10,000. Filers must choose from among sales, income and property taxes for the deduction, instead of being able to deduct all local taxes.
  • Preserves the mortgage interest deduction for all homeowners with existing mortgages, and for homeowners with new mortgages, the home mortgage interest deduction will be available up to $750,000
  • Preserves the charitable deduction as it is

The GOP claims the bill will mean a $2,059 tax cut for a family of four earning the median family income of $73,000.

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