The Senate Finance Committee approved the $1.5 trillion Republican tax overhaul proposal late Thursday night after four days of markup.
The vote was 14-12, along party lines.
Earlier this week, Senate Republicans added a controversial provision to the bill, repealing the Affordable Care Act's individual mandate, to help raise revenues for tax cuts.
The bill next heads to the Senate floor, where the Senate is expected to take action sometime after the Thanksgiving break.
Earlier Thursday, the House of Representatives passed its tax reform bill, which differs from the Senate version and does not include the mandate repeal.