SNP Westminster leader Angus Robertson last night thanked the Scottish people “who have believed in more powers” as the Scotland Bill completed its passage through the UK Parliament.
Scottish Secretary David Mundell hailed the “hugely significant moment in the political life of our country”.
And Labour’s Ian Murray welcomed the “power to reverse Tory cuts and stop austerity”.
Under the legislation, control of income tax rates and thresholds, as well as new welfare powers, are transferred from Westminster to the Scottish Parliament.
Its passage came on the eve of what would have been independence day, had Scotland voted Yes in the referendum.
Mr Robertson said: “The most important thank you is to all of those people in Scotland who have believed in more powers.
“They didn’t draw lines in the sand -or say this far and no further – as others have done even in the recent past.”
He also thanked the Yes voters who had forced Westminster “to take note”, adding: “This is just the latest stage on Scotland’s journey – there will be many more.”
David Cameron said the bill – which will become law once it receives royal assent – delivered a “powerhouse parliament” for Scotland.
He added: “We can now move on from questions about process and May’s Scottish parliamentary elections can be fought on the issues which really matter.
“How the Scottish Government should best use its extensive new powers for the benefit of the people of Scotland.”
Mr Mundell said the Scottish Parliament had now “come of age”.
He added: “This is what the people of Scotland called for, this is what the UK Government committed to deliver.
“We have been true to our word. It is now for those elected to the Scottish Parliament to use those powers for the good of Scotland.”
Shadow Scottish secretary Mr Murray said Labour would use the new powers, including to ask the richest 1% earning more than £150,000 a year to pay a little more.
He added: “These powers change Scottish politics forever and for good. We now have the power to reverse Tory cuts and stop austerity.
“The MSPs in the next Scottish Parliament will be the ones who choose how to use these new powers.
“Faced with the choice between using the powers we have to invest in the future or carrying on with the cuts, Labour will use the powers.”