The House and Senate conferees released their conference report after finalizing negotiations on the differences between the House and Senate versions of the Tax Cuts and Jobs Act. The conference report now goes to the House and Senate, which are expected to pass the legislation and present to President Trump for signature this week.
In order to stay within the budgetary constraints, some of the provisions have sunset dates, in which the items below will expire and revert back to the law in effect today. The key features of the act are:
Below are highlights of some of the provisions that are contained in the Tax Cuts and Jobs Act. There are many other provisions included within the Act, along with many details and limitations to those provisions.
2023 - 80%
2024 - 60%
2025 - 40%
2026 - 20%
2027 - 0%
There is a phase down of bonus depreciation percentage with property placed in service during 2017 eligible for 50% bonus depreciation. This is for qualified property purchased prior to Sept. 28, 2017 but not placed in service until after Sept. 27, 2017.
Also, the provision expands the property eligible beyond original use property to used property that is used by the taxpayer for the first time.
Key Foreign Provisions
Stay tuned! UHY will keep you informed as we continue to analyze this sweeping legislation. For more information about the Tax Cuts and Jobs Act contact your UHY LLP professional at one of our many locations.