The U.S. House of Representatives voted to pass their version of the tax reform bill by a 227 to 205 margin with two congresspeople abstaining from the vote.
No Democrats voted for the bill and 13 Republicans voted against the bill.
The bill seeks to reduce taxes by $1.5 trillion for businesses and individuals.
The Senate is expected to vote on the bill when the chamber reconvenes following the Thanksgiving break.
Wall Street had an inkling of an affirmative vote before the market opened as U.S. futures markets snapped out of a recent funk to climb for the first time in multiple sessions.
The market averages have traded in the green all day with the Dow Jones Industrial Average gaining more than 200 points Thursday afternoon.
House Speaker Paul Ryan (R-WIS) said that he expects the bill to pass both houses of Congress by the end of the year.