On Dec. 20, 2017, the House and Senate passed the Tax Cuts and Jobs Act, H.R.1, and this bill is on its way to President Trump for signature.  When signed into law, the Tax Cuts and Jobs Act would have a wide impact on various aspects of U.S. federal individual, corporate, partnership, international, and trust and estate taxation. This GT Alert provides a summary of certain key provisions of the Tax Cuts and Jobs Act as reflected in the Conference Committee Report.  The changes described below will generally take effect as of Jan. 1, 2018.  The GT Tax Department will publish additional Alerts on specific aspects of the legislation.

The changes will be discussed under the following headings:

  • Key Individual Tax Provisions
  • Estate Planning and the Taxation of Trusts and Estates
  • Key Home Mortgage Interest Provisions
  • Key Business Tax Provisions
  • Business Tax Credit and Opportunity Zones
  • Key U.S. International Tax Provisions

To read the full Alert, click here.