On Tuesday, the U.S. Senate unanimously passed the No Tax on Tips Act, which could have wide-ranging consequences for the restaurant industry in the U.S. Here's what you need to know about the bill and how it could impact you.

The Senate unanimously passed the "No Tax on Tips Act," which would exempt up to $25,000 in tips from federal income tax for lower-earning service workers. The bill, backed by Sen. Ted Cruz and ...