This information is based on the statutes and guidance available as of the date of publication (January 2018) and is subject to change.
Key Business Tax Provisions
On December 22, 2017, President Trump signed into law the 2017 Tax Cuts and Jobs Act. This is the most consequential tax change in over 30 years.
Below please find a very general overview of the main business tax provisions of the law.
Further details regarding specific aspects of the law can be found here.
- Compensation and Benefits Changes
- Capital Expense and Depreciation Changes
- New Interest Deduction Limitation Rules
- Deduction for Qualified Business Income For Non-Corporate Taxpayers
- Elimination of Corporate AMT and New NOL Limitations
- Repatriation “Toll Tax”
- Base Erosion and Anti-Abuse Tax (“BEAT”)
- Tax Accounting Considerations under Tax Reform
- Changes to Pass-Through Entities
- Property Contributions Made by Governments are Taxable
- New Income Inclusion for Global Intangible Low-Taxed Income (“GILTI”)
- 37.5% Deduction for “Foreign-Derived Intangible Income” of Domestic Corporations
- Limits on Deductions for Interest or Royalties Paid to Hybrids
