The legislation keeps some House provisions, like new Medicaid rules, while making significant changes in other areas, including Medicare and the state and local tax deduction.

WASHINGTON—Senate Republicans detailed major revisions of the House’s giant tax-and-spending bill, offering more permanent business tax breaks, deeper cuts to Medicaid, slower phaseouts for clean-energy tax credits and a much lower cap on the state and local tax deduction.

The Senate Finance Committee on Monday released its version of the GOP’s package that calls for enacting sweeping cuts to Medicaid and preventing a multi-trillion dollar tax hike on Americans.