On 20 December 2017, both the U.S. Senate and the House of Representatives gave final approval for the Tax Cuts and Jobs Act, with some minor amendments made to meet Senate budget rules. The final version of the Act follows the reconciled version agreed to in conference last week.
Business Tax Reform
- A reduction in the corporate tax rate to 21% for taxable years beginning after 31 December 2017.
- The elimination of the corporate alternative minimum tax (AMT); AMT credits will continue to …