The Senate is set to debut its own enormous tax bill - and it has some significant differences from the House

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Senate Majority Leader Mitch McConnell and President Donald Trump

• Senate Republicans are set to roll out their giant tax reform bill on Thursday.
• The bill is expected to contain large differences from the House's Tax Cuts and Jobs Act.

Senate Republicans leaders are set to debut their own attempt at a massive tax reform on Thursday, setting up massive changes to American's tax code and a showdown with the House over what exactly would make its way to President Donald Trump's desk.

The bill will make large changes to both the personal and corporate side of the tax code with a goal of generating increased investment and economic growth.

The legislation is also expected to contain some substantial departures from the House's tax bill, the Tax Cuts and Jobs Act (TCJA), that would have to be ironed out.

The tax legislation can only add $1.5 trillion over the next 10 years to the federal deficit to be considered under the budget reconciliation process. That process allows Senate Republicans to pass the bill on a party-line vote and avoid a Democratic filibuster.

Here's a breakdown of all the major changes expected in the Senate bill, and where it differs from the House:

• Delays the massive corporate tax rate cut: According to reports, the bill would wait until 2019 to slash the corporate tax rate to 20% from the current 35%. This would help the bill's immediate deficit impact.
• Keeps the number of individual tax brackets at seven: The Senate bill would keep the same number of brackets as the current code but shift the income that qualifies for each one others brackets' rates. Sen. David Purdue, a Republican, said Thursday that the top individual rate for incomes over $1 million would be approximately 38.4%.
• Eliminates the state and local tax deduction: The bill is likely to completely eliminate the SALT deduction, as opposed to the House bill's compromise position that allows up to $10,000 in property tax deductions but no state sales or income deduction. The issue has been a key sticking point in the House. It's an easier go for Senate Republican leaders, since the Senate GOP has no members in states like New York and California that heavily use the deduction.
• A new 12.5% tax on patents and intellectual property overseas: According to the Wall Street Journal, the plan will include a provision that would tax patents and other IP filed overseas. This would target firms like US pharmaceutical companies who file patents for drugs overseas and book the profits for those drugs in lower-taxed companies.
• Does not repeal Obamacare's individual mandate: Some GOP senators, including Ted Cruz and Tom Cotton, have been pushing for the bill to repeal Obamacare's penalty for not having insurance. While the move would help generate more revenue for the bill, it would also leave 13 million more people without insurance over the next 10 years and introduce healthcare issues into an already volatile process.
• Eliminates the House bill's "bubble tax" on the wealthy: The House bill included a provision that would attempt to claw back some of the benefits for wealthier people. Essentially, wealthier individuals would see their tax rate increase be 6% for income between $1 and $1.2 million. The Senate bill contains no such provision.
• Maintains many itemized deductions: The House bill stirred up controversy for eliminating popular tax credits like those for medical expenses and adoption. The Senate bill could keep a slew of those to avoid the same controversy.