Congress and the Trump Administration have spent much of the past year developing plans for significant and far-reaching US tax reform. Their efforts culminated in the enactment of legislation on December 22, 2017. The new tax law will affect all manner of enterprises, including US multinationals and global businesses, public companies and startup firms, corporations and pass-through entities, financial institutions, the energy industry, real estate investment trusts, and more.
Latham’s US Tax Reform Resource Center provides insights and resources — at the links below — to help with understanding and preparing for the potential impacts of tax reform on a range of business challenges, such as financing terms and structures, domestic and cross-border M&A transactions, choice of entity analysis, and forward-looking disclosure issues in a dynamic tax environment.
On November 2, the House Ways and Means Committee released a draft tax reform bill, titled the “Tax Cuts and Jobs Act.” The Ways and Means Committee issued several amendments before passing its bill out of committee on November 9 for further consideration by the House. The House approved the bill on November 16 without further amendment.
On November 9, the Senate Finance Committee released a detailed description (prepared by the staff of the Joint Committee on Taxation) of its own separate “Tax Cuts and Jobs Act” proposal. On November 16, the Finance Committee passed a modified conceptual draft proposal out of committee to the full Senate. On November 21, the Finance Committee released legislative text of its bill, and, early in the morning of December 2, the full Senate voted to approve the bill after adopting several significant amendments. See links below, under Government.
The House and the Senate formed a conference committee to resolve differences between their two proposals. Both chambers approved the resulting bill on December 20, which President Trump signed into law on December 22. Congress may consider technical corrections to the legislation in 2018. The US Treasury Department and Internal Revenue Service have begun issuing guidance for taxpayers with respect to some of the new law’s provisions, and will need to adopt regulations to implement others.
As the tax reform process unfolds, Latham & Watkins is continuing to publish additional analysis regarding these developments.
- Enrolled final bill as approved by the House and Senate, Dec. 20
- Conference Committee Report with text of the Tax Cuts and Jobs Act, Dec. 15
- Conference Committee Explanatory Statement on the Tax Cuts and Jobs Act, Dec. 15
- Comparison of the House- and Senate-Passed Versions of the Tax Cuts and Jobs Act – Joint Committee on Taxation report, Dec. 7
- Engrossed bill (certified copy), H.R. 1, Tax Cuts and Jobs Act, approved by the Senate, Dec. 2
- Senate version of H.R. 1, Tax Cuts and Jobs Act, approved by the Senate, Dec. 2
- Senate Finance Committee text of “Tax Cuts and Jobs Act,” Nov. 21
- H.R. 1, Tax Cuts and Jobs Act, approved by the House of Representatives, Nov. 16
- Amendments made to Senate Finance Committee Chairman’s Modified Mark, Nov. 16
- Correction of Description of Senate Finance Committee Chairman's Modified Mark, Nov. 15
- Description of Senate Finance Committee Chairman's Modified Mark of "Tax Cuts and Jobs Act" – Joint Committee on Taxation Report, Nov. 14
- List of proposed amendments to Senate Finance Committee’s Tax Cuts and Jobs Act, Nov. 13
- Proposed amendments to Senate Finance Committee’s Tax Cuts and Jobs Act
- Tax Cuts and Jobs Act, Senate Finance Committee section-by-section summary
- Description of Senate Finance Committee Chairman’s Mark of the “Tax Cuts and Jobs Act” – Joint Committee on Taxation Report
- H.R. 1, Tax Cuts and Jobs Act, approved by House Ways and Means Committee Nov. 9, with Committee explanations
- Summary of Chairman Brady’s Nov. 6 amendment to chairman’s mark of bill
- Chairman Brady’s Nov. 6 amendment to the Nov. 3 chairman’s mark of bill
- Chairman’s mark, Nov. 3, of Ways and Means Committee bill
- Description of H.R. 1, the “Tax Cuts and Jobs Act” – Joint Committee on Taxation Report
- Tax Cuts and Jobs Bill (full text) – House Ways and Means Committee
- Tax Cuts and Jobs Bill (section-by-section summary) – House Ways and Means Committee
- Background and Selected Policy Issues on International Tax Reform – Joint Committee on Taxation Report
- Unified Framework for Fixing Our Broken Tax Code (Trump Administration and Congressional leaders)
- Joint Statement on Tax Reform (Trump Administration and Congressional leaders)
- Destination-Based Taxation and Border Adjustments – Joint Committee on Taxation Report
- Briefing with Secretary of the Treasury Steven Mnuchin and National Economic Director Gary Cohn (video)
- Briefing by Secretary of the Treasury Steven Mnuchin and Director of the National Economic Council Gary Cohn (transcript)
- A Better Way – House Republican Tax Reform Blueprint