ARTICLE · 11 JANUARY 2018

Compromise Tax Reform Bill

Stoel Rives LLP

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After the House and Senate passed different versions of a comprehensive tax reform bill, a conference committee convened and released on Friday a compromise version of comprehensive tax reform...

United StatesTax

Christopher Heuer

Eric Jason Kodesch

Kevin T. Pearson

After the House and Senate passed different versions of a comprehensive tax reform bill, a conference committee convened and released on Friday a compromise version of comprehensive tax reform, the "Tax Cuts and Jobs Act" (H.R. 1). The House and Senate are expected to vote to approve the conference committee's version of the bill, and President Trump is expected to sign it by the end of this week. Highlights of the 503-page bill include:

Business Tax Reform

Replaces the tiered tax rates for corporations with a flat 21% rate. The new rate would be effective for tax years beginning in 2018.
Repeals the corporate alternative minimum tax (AMT).
Allows a 100% "full expensing" deduction for the cost of property that otherwise would qualify for bonus depreciation (currently 50% in 2017, 40% in 2018, and 30% in 2019). To qualify for the 100% deduction, property must be acquired and placed in service after September 27, 2017 and before 2023 (or before 2024 for

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