U.S. Tax Reform: Congress Passes Tax Reform

Sullivan & Cromwell LLP - December 20, 2017
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Today, Congress voted to pass a comprehensive tax reform bill (the “Act”),  and the President is expected to sign it into law in the coming weeks. The Act represents the most significant reform of the U.S. tax code in over 30 years. This memorandum describes some of the important provisions of the Act, and highlights certain areas where the Act diverges from the earlier draft legislation. Most of the proposed changes become effective for years after 2017.