The legislation will then go to the president for his signature.
The legislation would not go into effect until five months later.
The legislation now goes to the full Senate for a vote, probably at the end of the month.
But some critics think the legislation does not go far enough.
"If the legislation goes through I will wind up with 50 feet or less, not enough to build on."
In either case, almost all legislation goes before a committee for discussion at some time.
Industry groups said they would press for many changes when the legislation goes to conference.
The legislation now goes to the House, where passage is expected.
Local finance officials say the legislation does not go far enough.
Until all the legislation has gone through the process it's hard to tell.