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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.

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Photo of Claire Arritola Claire Arritola

Claire Arritola focuses her practice on U.S. federal income tax matters, with a focus on corporate and partnership transactions. She assists private equity funds, private and public companies, REITs, individuals and tax-exempt organizations. Claire also provides advice and assistance to organizations seeking to…

Claire Arritola focuses her practice on U.S. federal income tax matters, with a focus on corporate and partnership transactions. She assists private equity funds, private and public companies, REITs, individuals and tax-exempt organizations. Claire also provides advice and assistance to organizations seeking to obtain or maintain their tax exempt status on the IRS application process, corporate governance issues, unrelated trade or business income issues, and joint ventures.

Photo of Marvin A. Kirsner Marvin A. Kirsner

Marvin A. Kirsner is a shareholder in the Fort Lauderdale office where his primary areas of practice deal with corporate, transactional and industry specific tax issues. He serves as the Co-Chair of the State and Local Tax (SALT) Practice.

Photo of James O. Lang James O. Lang

James O. Lang focuses his tax and corporate project finance practice on tax incentive programs, Qualified Opportunity Zone and Qualified Opportunity Fund financing, tax credits, and related state and federal incentive programs.  Jim is closing over $8 billion of Qualified Opportunity Funds and…

James O. Lang focuses his tax and corporate project finance practice on tax incentive programs, Qualified Opportunity Zone and Qualified Opportunity Fund financing, tax credits, and related state and federal incentive programs.  Jim is closing over $8 billion of Qualified Opportunity Funds and ancillary Qualified Opportunity Zone deployment of funds and has closed or is structuring several billion dollars in tax credit incentivized transactions.  Jim represents funds, investors, lenders, community development entities, and for-profit and not-for-profit project sponsors in complex transactions where capital stacks require enhancement through incentive financing, including Qualified Opportunity Zone incentives, state and federal new markets tax credits, affordable housing and low-income housing tax credits, historic rehabilitation tax credits, and renewable energy tax credits. He works with funds, investors, lenders, project sponsors, and qualifying businesses to structure these tax incentive programs along with ancillary governmental and non-governmental financing programs, including inbound immigration and Visa investment programs, grants, and taxable and tax-exempt bonds. Jim works with clients on developing creative structures designed to increase benefits and ameliorate risks.

Photo of Diana Zeydel Diana Zeydel

Diana C.C. Zeydel is global chair of the Private Wealth Services Practice and focuses her practice on estate and tax planning for high-net-worth individuals and families, including intra-generational wealth transfer strategies and business succession planning. Her practice includes planning for United States and…

Diana C.C. Zeydel is global chair of the Private Wealth Services Practice and focuses her practice on estate and tax planning for high-net-worth individuals and families, including intra-generational wealth transfer strategies and business succession planning. Her practice includes planning for United States and non-United States citizens and residents. Diana also assists clients with litigated probate, trust, and guardianship matters, and represents clients before the Internal Revenue Service in matters involving fiduciary income tax and estate, gift, and generation-skipping transfer tax controversies. She represents corporate and individual fiduciaries in connection with the administration of estates and personal and charitable trusts. Diana also assists clients in preparing prenuptial and postnuptial agreements. She has participated in numerous projects involving governmental submissions in the estate, gift, and GST tax areas and serves as an expert witness in cases involving her practice areas.

Diana is a frequent lecturer and author and has spoken on a variety of topics before the American College of Trust and Estate Counsel, the Real Property, Trust and Estate Section of the American Bar Association, the Real Property, Probate and Trust Law Section of the Florida Bar, as well as various other professional organizations. She received the “Best in Wealth Management” Americas Women in Business Law Award given by IFLR/Euromoney in 2014 and 2019. She has been recognized by her peers as “a key figure in shaping the whole wealth management legal profession” and “an incredibly intelligent and creative practitioner, particularly on the tax and business restructuring side.” Chambers USA Guide.

Prior to attending college and law school, Diana was a professional ballet dancer. She received her training on a full scholarship at the Joffrey Ballet School in New York, and was awarded an apprenticeship with the Company. She instead accepted an offer to join the Chicago Ballet, where she was quickly given the opportunity to perform soloist and principal roles.