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Latham’s US Tax Reform Resource Center provides insights and resources to help with understanding and preparing for the potential impacts of tax reform on a range of business issues.

US Tax Reform Resource Center

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.

Recent Developments

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.

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