President Trump signed H.R. 1, the Tax Cuts and Jobs Act, into law today, making widespread changes to the Internal Revenue Code. Almost all of its provisions, including a lower corporate tax rate and lower and fewer individual income tax rates, go into effect Jan. 1.
The signing of this legislation follows a whirlwind of activity in both the House and Senate. There were key differences between the bills put forth by both houses of Congress, but all matters were ironed out in a revised bill put forth on Dec. 15. Final legislation passed both houses last week along party lines.
The Act was sent to the president, who signed it this morning in the Oval Office.
For details of what is in the Act and how it will impact you personally and professionally, stay tuned to our blogs.