A proposal by Senate Republicans would speed the pace at which some crucial home energy efficiency and electric vehicle tax credits are phased out.

For many families, another key source of savings is the child tax credit. Senate Republicans proposed permanently increasing the credit available to parents, which would be set at $2,200 per child, beginning in the 2025 tax year. House Republicans had proposed to bump up the credit to $2,500, but only through 2028.

The highly anticipated text from the Senate is out — and it's already causing concern from GOP stakeholders in both chambers.