Tax Cuts and Jobs Act of 2017

Summary

This article discusses the tax provisions of Public Law 115-97, An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (henceforth referred to as the "Act"), which was passed by Congress on December 20, 2017, and signed by President Donald J. Trump on December 22, 2017. The legislation includes sweeping individual, corporate and international tax reform. This summary offers an overview of the current law, with references to the Internal Revenue Code ("IRC"), discusses changes made by the Act, and also offers some planning guidance.